Been done before
The Mel Brooks film The Producers (1967) that led to the musical play based on the film The Producers (2001) that lead to the film based on the musical play based on the film The Producers (2005).
Good for the Pythons! If they (continue to?) make more money than the current
crap crop of funny people then good on 'em.
Of course I'm still waiting for the Marx Brothers revival.
Edit: Ah what @Jay 2 said.