I recall seeing a production of SILK STOCKINGS in Seattle back in the late 1950s or early 1960s. It starred TV game show host Jan Murray, who couldn't sing, but was a last minute replacement for the show's original star, Don Ameche.
The play was certainly not a great show, but it was fun, as was the movie with Fred Astaire.
If you're going to do classic plays/musicals like SILK STOCKINGS, THE MAN WHO CAME TO DINNER, ARSENIC AND OLD LACE and the like, you should keep them set within their original time frame. Otherwise, it makes no sense to do them at all.