I would say absolutely not.
I see a lot of musicals - and while some are great, a musical based on Stevie's life and career would be tacky and wretched. I can already hear the dreadful songs about doing coke in the 80's and wanting to bang Joe Walsh.
A musical made with Stevie's actual recorded music might be nice - I saw the Green Day musical last year and it wasn't awful. Stevie's got enough common threads running through her lyrics that a great story could be put together using her songs.