I've actually seen it done with an ensemble of actors, much like The Laramie Project. I think it loses something in the beauty of watching the same person transforming again and again, but it gains something in the feeling of community created on stage.
Yes, the piece holds an eerie resemblance to events happening today, and yes it can be quite captivating, however I would just like to point out that the PBS version runs around 90 minutes, whereas the play runs around two and a half hours, at least in the last production I saw. I think it works better in the condensed form. It's a lot to take in and it doesn't have all that many moments of light.