I don't know what to make of this. I have a fond, but not very firm memory of Bubblegum Crisis, having watched it at the age of ~13, out of order and over a span of probably six months or more thanks to my local library (which had a small anime collection on VHS). As such, I'd be a little iffy on a live-action film of BGC, but I'd probably watch it.
But...a Bubblegum Crisis live-action film, with staff selected via reality show? Sort of like You're the One that I Want meets a Japanese game show? That I'm REALLY sketchy on. But that's what's going on, according to LiveActionAnime.org (via Okazu): apparently they'll be auditioning artists, designers, composers, and others who may work on the film via a reality show in Singapore, although the auditions will be in China, India, and Singapore. Eight episodes later, a winner will take $50k USD and a job on production for the flick. Wacky.