Oh, it clearly is. I imagine some of the same people who put together the Encore show a few years ago are working on this. I can only hope that they're given the resources to do this right.
Separately, I hope that they're willing to let this be a little scary (while still plenty goofy, as the original was), but the Count Chocula/Kelloggs-style approach to the character renderings have me anticipating something that resembles an outright cartoon.