Spielberg directed HOOK, which was originally going to be a musical.
I think RAGTIME is a great project for him. In fact, I don't think I would want him to direct anything else. Perhaps THE SECRET GARDEN. Perhaps THE COLOR PURPLE. Slightly perhaps LES MISERABLES.
"The Spectacle has, indeed, an emotional attraction of its own, but, of all the parts, it is the least artistic, and connected least with the art of poetry. For the power of Tragedy, we may be sure, is felt even apart from representation and actors. Besides, the production of spectacular effects depends more on the art of the stage machinist than on that of the poet."
--Aristotle