I think the combination of the Neverland controversy and the commercial appeal of the music is simply too paradoxical for a commercial, satisfying piece of entertainment.
Defenders would be appalled by the allegations and detesters would be appalled by the display of Michael's artistic success that sort of "evens things out".
Too bad Michael Jackson is not a fictional character.
In the early 90s we had house hits with titles like "James Brown Is Dead" and "Michael Jackson Is In Heaven Now" so maybe it would be interesting to tell the story from an afterlife point of view. A semi-fictional, kitsch musical - nothing said but everything implied - the "Bad" song played in hell but still with dancing devils and stuff.
Michael outsmarts the devil when he buys Hell and calls in NeverTalkAboutAnymore Land, Michael in a TV quiz "catch the baby", Michael meets Elvis, Michael meets angel Michael played by John Travolta in 1996. The possibilities are endless.