I've heard this is going to have a brand new script. There are exactly two great jokes in the existing one (Julian being too ambitious in his big solo, and having one of his tenors step in for him to sing the climactic high note; and Anytime Annie's name implying she's a slut, only to later reveal she got it because she'll help anybody, any time). I hope they keep those, but I've got no attachment to the rest of it.
Also: I saw a fantastic high school production a few years ago that changed nothing but a few pronouns, and made Julian Marsh into Julia Marsh. They played the whole show with the subtext that Julia, a semi-out lesbian director in the 1930s Dietrich fashion, recognizes that Peggy is brilliant, but that she's also queer, and made them more of a kindred spirits thing than "the older director picks up the young actress." It made the ending when Peggy goes with Julian instead of her age-appropriate colleagues play in a very tender way.