The Globe Theater is pretty much a ballroom. I guess if they really wanted to they could stick some bleachers in there, but I can't imagine being a great viewing experience unless they invest some major money.
I think if the song is more focused on the music instead of trying to retell the movie (something along the lines of Beetlejuice but themed to a singing competition), they don't need elaborate sets and could probably perform on either the Animal Actors Stage or in Castle Theater. Have the more kid friendly shows in the morning and early afternoon then the musical in the late afternoon and evening. It would be nice to have a show on the lower lot, but I can't imagine where they would put it. If Bill and Ted never come back to Horror Nights maybe they could do a special Halloween edition of the show? Production Central did have some Pitch Perfect merchandise last time I was there...