DR George, Rags was one of those shows like Tenderloin or Baker Street that, if it had opened 40 years ago, would have had a moderate run, but the producers didn't have enough money to keep it going and it deserved better. It was flawed, and the fact the wrong director was hired only complicated things further. Still, the show had a great cast. Teresa Stratas was really wonderful, but Larry Kert was miscast as the villain, and it was a serious misstep since Kert wants the audience to love him. Steve Sondheim once said Kert was better in cabaret because he liked to flirt with the audience.
It's my observation from all the revisions that the authors will never "fix" the book because they refuse to accept the major problem with it: they kill off the wrong character.