It takes a lot of talent to play someone who was not particularly talented. Gypsy Rose Lee from all accounts was a mediocre singer and dancer, but she had "It," like the song says. From what I have been reading here about Joy Woods, this seems to be the case.
I still think Natalie Wood, although a little too beautiful, was a good representation of the level of talent the real Gypsy had in terms of singing and dancing and charisma. Have not had the benefit of see the show on Broadway, but did see the TV movie with Midler and a stage production with JoAnne Worley and don't remember either of the actresses portraying Louise. Wood, however, still strikes a chord, especially her work in the dressing room scene.
On another note, I have been reading her memoir, and this is what Gypsy said about her mother:
"I wish I'd been in the act with you and Aunt June and the boys," Erik (her son) said. "But I guess your mother couldn't have found a place for me. I can't sing or dance, either."
I said, "but she found a place for me."
"Your mother," Erik said, "must have been a very nice woman."
I couldn't help smiling at the word. Mother had been many things, but she had never been "nice." Not exactly. Charming, perhaps, and courageous, resourceful and ambitious, but not nice. Mother, in a feminine way, was ruthless. She was, in her own words, a jungle mother, and she knew too well that in a jungle it doesn't pay to be nice. "God will protect us," she often said to June and me. "But to make sure," she would add, "carry a heavy club."