would it fit into a typical magazine format?
Would monologues, presumably longer than typical for graphics novel, be a major problem for visual layout?
It depends on how they choose to do it. I have some comics of cartoons from the eighties. Many of the issues are adaptations of episodes. They’re 22 pages. However, it wouldn’t be hard to adapt them differently and have longer issues.
Monologues aren’t hard - it depends on how you lay out the page (a bunch of little panels with a single word balloon, or a very large panel with many balloons…)
Well, the typical program is about 21-21.5 minutes (not counting credits) and broadcast at 30 FPS, so you’re looking at about 38,700 frames of animation. I don’t know how many frames you could fit on a page, but for argument’s sake let’s say 6 panels on each page. If you wanted to print every frame, that would come out to ~6,450 pages. Now of course you probably don’t need every single frame to get the point across, so let’s say you just want the keyframes. So if you were to print, say, every 8th frame at 6 frames per page then you could trim your comic down to a mere 800 pages.
If you literally mean each frame of animation equals one panel, it’s going to be a thick, thick comic. 
22 minutes x 30 frames per second = 39600 panels.
Assuming an average of, say 6 panels per page, that’s 6600 pages. That’s roughly 27.5 years worth of your average monthly comic book.
ETA: Great minds.
I see, interesting.
Yes, this is pretty much what I am asking about, not the printing every frame notion. If anything, the way South Park is drawn, there aren’t that many meaningfully distinct frames there to begin with.
For an animated feature, look at the storyboards - those are pretty close to a rough comic book rendition of the episode.