I would have liked an episodic take since its a direct adaptation. I just would have preferred a new take.
Maybe. One of the other problems with deviating too much from this particular source material is that, at its core, the source material was very, very derivative to begin with.
Moore was using take-offs on the Charleton heroes and, in some cases, generic superhero archetypes, to explore the whole genre.
It worked here (book/movie) because of what Moore did with that in the first place. However, given Moore's sources, if you stray too far from the book I have to wonder if you wouldn't just end up with "generic superhero movie."