I guess I wouldn't have a problem with the movie coming out, IF the story was told the proper way so that it doesn't come off showing Elvis as just an overeating, pill popping parody, as Raised on Rock has eluded to.
If the movie showed the real reasons why Elvis was in the state he was in toward the end of his life...the divorce, the endless string of concert dates to pay off his corrupt managers "supposed" gambling debts, the lack of ability to grow as an artists with quality recording material because of his managers back room publishing deals, the group of "hangers on's" that were surrounding Elvis, his numerous health issues, his constantly being in the spotlight, etc., then I think it might show people that there was more to Elvis' eventual decline then just the prescription medications, food binges, etc.
As for Johnny Depp being cast in the role, it would certainly bring BIG box office to the movie, that's for sure. As for his credibility as Elvis, although I'm not really in tune with his entire movie catalog, I have seen bits and pieces of various Johnny Depp movies and he certainly does have the ability to get into character very well, so I don't necessarily know if this would be a stretch for him.
It will be VERY interesting to see if this project comes to see the light of day...
TCB!
Mike