I went into this article thinking the tone was sarcastic. I went away with the sinking feeling that the phrase "In a move that's sure to bother no-one" was spoken in earnest.
I'm not even that big a fan of the Wizard of Oz, but I can recognize this as perhaps one of the most terrible ideas I have ever heard in modern cinematic history. If you're going to do something like this, at least put a novel spin on it, like Tin Man. As it is, this seems very much like it's just going to be a less good, more terrible version of the original.
Dangit, Hollywood.