Saw last year. I want to go back. As an Oz fan, I loved it. Its a rarely dramatized section of Baum's work and the puppetry was amazing. Be aware that dialogue is minimal and only used to start the show. It is nearly all music, puppetry and mime. I want to see whats changed.
No previous knowledge is NECESSARY, but I would suggest reading Chapter 5: The Rescue of the Tin Woodman from The Wonderful Wizard of Oz if you have doubts. Honestly, it was one of my favorite theatre experiences last year. The puppetry was often breathtaking, especially the transformation of Nick and the Kalidah attack. The reveal in the final scene also gave me great joy.
Please do! It is a short show, not expensive and well worth it. The creators are young and ambitious. The only other place where I have seen this specific part of the story serve as the sole focus is in the short film Heartless, which I also recommend. At the very least, you will supporting something new and very different.