I'm not as interested in hearing Liza do the song, though I would have no objections to her playing the part, but I still wish that her mother had lived long enough to play Carlotta in some incarnation of the show.
However, I don't think anybody will beat Yvonne singing the song. Like "Send in the Clowns" and Glynis Johns, the song was tailored so specifically to Ms. De Carlo that it is impossible to call her rendition anything other than definitive. It is hers and always will be.
That was quite amazing, especially as he had to entirely create "Judy's" rendition without any sort of guideline. Of course, now it makes me wish more than ever that we could have heard her sing this song, lol.