I really would've liked to have seen this get made. It's too bad Bluth didn't get to make more films, considering we have so many different animation companies out there right now (well, I guess Dreamworks is the only other one in the U.S. really).
Personally, I've loved all of Bluth's heroines--Thumbelina easily being my favorite (though Benson might've tipped the edge in her favor). Plus, Beauty's design is awesome. (I was never a huge fan of Belle, so I would be open to other interpretations) The only thing I don't like about several of his films are the animals, which others already mentioned, and that looks like it would've happened here.
Still, Bluth never had a film with a female villain, that I remember. It would've been nice to see how he dealt with one, and if she would've been on the same level as Disney's villainesses. The design there is especially inspiring. She kind of reminds me of my 1st grade teacher--who I absolutely despised. Dark hair, pale white skin. Ugh. And I wonder why Disney has never used those green/blue colors for a villainess before? They would fit.
Also, Disney definitely sounds like they were consciously trying to crush Bluth, by taking up B&tB and
Aladdin.

Makes sense, business-wise, but still.