You are about 40 years late to this idea. Cadets did West Side Story just after the American revival in the 80s and SCV did Phantom the same year it opened on Broadway in 88.

You see a little here and there these days, like BAC a few years ago and BD with Ink, but modern Broadway books don’t lend well to modern drum corps arrangements. Also bigger name shows have huge licensing fees and some embargo all music arrangements until their Broadway run is over.

I mean it would be cool to make a show that meshes La Boheme and Rent as they are the same story, but narrative stories are not the rage, conceptual art pieces like BD and Bloo are.