It's been a while since I've seen it, so I can't remember how many elements of the show could be made into 3-D. Also, this is totally nit-picky, but I think it was made in the mid 70s. They could release the bubbles when there was snow, I suppose.
Either way, I would totally go see it. I loved that show and have the soundtrack! Even if they cut 1 or 2 of the songs out for time, I think releasing it would be a good idea. It would at least be one more thing to do in DCA during the construction, and it would be holiday-themed!
Oops! I just figured out which Christmas special you're talking about, TheLoop! I was thinking of the wrong one (the one with John Denver in it). Sorry about that! The Muppet Family Christmas is a really good one, too!