Do you think Depp would be able to pull off a good performance as Channing?
I think he would. He seems to have an ability to transform himself into completely different people even moreso than I think most actors do. I think he'd be able to pull off Channing's look, voice (speaking, I don't think he could do her singing voice) and personality and do it amazingly well.
Do you think this movie has a chance at actually getting made?
I hope so. I'd love to see it if it does.