I think it would work, but would be extremely difficult to do. I think Schonberg and Boublil could pull it off, they seem to be good at those historical dramas. Wildhorn is also big on history - although he may not make it effectve enough.
Then again, the saddest part of the show was the end, when Schindler Judens were walking by his grave.
But, as long as there are no lines like:
STERN: Listen Schindler
SCHINDLER: Yes?
STERN: A Schindler, I thought you were a swindler
But I can see that you are good at heart....