I say if there's sufficient market for it, why not do the new album? If they record it that'll give fans more choice in what to buy. It's not like if they don't do this album they'll suddenly decide to do a (first) album for some show that closed in a week after opening.
The first album preserves the production. Any subsequent album is going to need a different reason for its existence. Either there has to be a total reinvention of the show, or a big name actor who can sell the new albums, or both. Not having seen her performance, even if Ms. Bayardelle is the most wonderful and best Celie ever, the fact is that she doesn't have the name to justify a new album. Only a big-name actor is going to get a shot at a new album. Vanessa Williams got that shot in Kiss of the Spider Woman; Brooke Shields got a couple shots in Grease and Wonderful Town (I actually knew someone who worked on the Grease reissues, who told me that, believe it or not, Brooke Shields sells albums). I'm sure there are any number of really great replacement performances which deserve preservation on their merits, but if there's no big name involved, it's just not going to happen. Whether you like her or not, the fact is that Fantasia has lots of fans -- she got millions of votes on American Idol, and the show has been selling better with her in it. That's your market for the new album.
I didn't buy the original album and can't say I'd purchase the second if it were to be made (no offense to Fantasia), but if there's a market for it I say go for it. The show has lots of fans. It can't be a bad thing to give those fans a choice of buying the original album, the new album, or both.
"This is wanting something, this is reaching for it,
This is wishing that a moment would arrive.
This is taking chances, this is almost touching, what the beauty is." --The Light in the Piazza