I don't think a re-worked book could help it. It's an interesting show, definitely, but it doesn't work. In my opinion, all the R&H shows where they started off writing with a concept (Allegro: chronicling a man's whole life; Me and Juliet: writing a show that's in one location the entire time) instead of a story, just aren't up to snuff.
There was also a revival of Flower Drum Song in 2002 with a totally new book. However, I don't think we're going to see a revival of that show for a long time, if ever.
I would love to see a total remount of the '94 Carousel, but realisticallt I think that sometime in the next five years we might see a revival of The King and I. I think it's the most revived R&H show.
"Sing the words, Patti!!!!" Stephen Sondheim to Patti LuPone.