Could a 1950s ringadingding version be made of this film??

Have you even actually seen the film? There's no way it could. You can find a copy anywhere of the book translation by Eric Bentley, directly translated from Brecht. Bobby Darin, although the pop version of this song is pretty good, ruined the darkness that Brecht cast around this storyline. it's a political satire written when Germany was in a depression, just after the Weimar era. It's like modernizing The Mikado (which sadly has been done). It's not that universal.