(Just saw this ... hope you get to see it!)
As a theater/film major, I have always thought that the FZ material had pretty good stage material to work with, and one could, even do something like "200 Motels" on a theater, and I don't think you need the huge budget, although I think that you will end up with 50 to 100 kids in the production, and that could make it all a tough mess to work with.
I would have a live band, playing the music, and the stage folks would be the additional musicians that make the orchestra in the end ... and it doesn't have to have the traditional orchestra instruments, for example, and you could do it with kazoos, kitchen utensils and everything else you could think off.
It is a "musical", and you would have to connect these parts a bit for the stage, so a story/play makes more sense ... instead of a band's story via the groupies or equivalent, you could have this as the story of some fans on the way to a FZ concert ... and at that point, the whole charade and fun, makes more sense, and the concert comes off as an insane evening to enjoy ... which is what we all go through anyway ... with or without a joint, and regardless of the band!
I have written, scenarios for various pieces ... and posted them on one board, but, sadly, this is not something that is appreciated here in America, since you are not used to theater and film and its interpretations, of the arts ... here it's all about the hits and the top ten, and anything else suffers ... I can easily tell you what it was like when "Tommy" came out and everyone said it was pretentious and garbage and not an opera. Just a bunch of songs! In other words, a whole generation got immediately dismissed as not being creative, and capable of putting together meaningful work.
I totally disagree. Some of the scenarios I have written are for "Tales from Topographic Oceans", "A lamb Lies Down on Broadway", "A passion Play" (done a la Marat/Sade!!!), and a couple of other things ... I even would like to do one for "Close to the Edge", but YES fans will detest it because it is not hipi'ish enough for them!
To me, these are the great art works in music of our generation and I revere them as such. FZ's 200 Motels is one of these for me, and unlike most people, I am one of the few that EVER gave this film the proper appreciation it deserves, while most reviewers trashed it. AND, to boot, even people here have issues with it ... I take it they don't get it ... but in the end, there might not be anything to get, and to me ... that is "perfect" FZ!
The only art there is, resides within your heart. Have you listened to it lately to ensure that the top ten is better than you are?