I saw a tour of Hill's Phantom years (decades) ago, at the height of Phantom mania. I also recently saw the same production which was taped for Japanese television. It's an amusing, and reasonably faithful adaptation of the story. I don't know that anything about it merits a new production, but if a regional production were playing near by, I'd check it out again. It definitely isn't the worst stage adaptation to have hit the boards. I also think I like it a bit more than the Yeston/Kopit version that is popular with regional houses.
I saw a production of it in Bridgeport CT in the early 90’s, all I remember about it was the unknown actress playing Christine was Kelly O’Hara and she was SENSATIONAL.