Every new thing I see about it makes me wish more and more that it Was a joke. I mean literally, not just the figurative joke it seems to be now.
On a more serious note, I think it's a mistake to say broadway and superheroes go together just because of the bright costumes and heightened drama. Things used to make plays crazier and more flamboyant are done in superhero comics because of limitations of the media. You need the heightened drama to keep people coming back and actually remembering the scant 20 pages they read a month ago and the bright colors started more because of how low quality printing was at the time a lot of these characters were created and the need for them to stand out from the background and each other. At this point the costumes are more either a) fun for nostalgic value or maybe a specific visual aesthetic (that one being why we overprotective nerds always complain when they change the costume for the movie or, in this case, do i don't even know what to the Green Goblin) or b) just another thing to get past on the road to suspension of disbelief. Kinda takes the legs out from under the main argument in favor of this play existing and it just seems to refuse to stop looking like a growing mistake.