The movie is glorious thanks to an irreplaceable cast. But... I don't think it is a strong source for stage adaptation. Oh, the Irving Berlin songs are wonderful - even if they just use the ones from the film - but most of them are part of on stage show routines and don't do much to further what litle plot there is or develop character. ("Better Luck Next Time" is a rare example of both.)
I would make the same comments about WHITE CHRISTMAS but that show is designed mainly for limited runs in the holiday season. Maybe they could do the same with EASTER PARADE and have it run for 6-8 weeks every spring.
The only film musical that survived and in many ways was enhanced by being tranferred to stage (so far) has been 42ND STREET but then it had a theatrical spirit to begin with. SINGIN'IN THE RAIN, 7 BRIDES FOR 7 BROTHERS, MEET ME IN ST. LOUIS were all terrible on stage and all flopped.
Cast albums are NOT "soundtracks."
Live theatre does not use a "soundtrack." If it did, it wouldn't be live theatre!
I host a weekly one-hour radio program featuring cast album selections as well as songs by cabaret, jazz and theatre artists. The program, FRONT ROW CENTRE is heard Sundays 9 to 10 am and also Saturdays from 8 to 9 am (eastern times) on www.proudfm.com