I'm not sure it would make such a bad choice. The fantasy elements to the movie are stunning for sure but are they necessary to the atmosphere? We are so conditioned by special FX now that even theatre goers like us see things in terms of visual effect now but if you take a look at plays like Midsummer Night's Dream, there is a lof that is unseen or staged in a different way but I bet if it had been a movie first, we'd have said... won't work on stage.
If the play is well conceived and stages, it could even be interesting unlike most movie transfers.
I hope the music is as good as the movie's score though because it was superb and it would be a pity not to expand on it.
"What book of rules says that theatre exists only within some ugly buildings crowded into one square-mile of New York City? Wherever there's magic and make-believe and an audience, there's theatre..."