I had the good fortune to see the revival while Alan Cumming was still in it–it was brilliant. (I hear Neil Patrick Harris is amazing, too.) I think the added raunchiness actually helps convey the atmosphere of willful, almost frantic decadence.
The idea of the Emcee as a woman, and as a kind of future-Sally as well, is a fascinating one–I’ve never thought of the role that way before, but I’d love to see it.
And “Two Ladies” with the “only man” in drag rather than one of the “women” would be especially entertaining.