ETA: I realized that not everybody on the internet is such a nerd to know what the hell I'm referencing. So,
here is what I'm babbling about.
Nerdery incoming:
I think that a somewhat expanded and tweaked adaptation of "What's So Funny About Truth, Justice, and the American Way?" would:
A. Miss the trap of an origin story 90% of Americans who might go see this movie already know. I think that at this point, a Superman who's as much of a cultural icon in his world as he is in ours is the way to go.
B. Directly address a common cultural perception that Superman is out of touch, boring, etc., especially as compared to more grim-and-gritty superheroes.
C. Present an inner conflict for Superman, as he considers whether or not he'll have to deal with The Elite in the same murderous fashion he condemns.
D. Provide a villain who isn't as overdone as Luthor, without necessarily excluding Luthor from the movie (Corporate sponsor of the Elite?), not as one-note as Doomsday, and not as obscure as Metallo.
E. Provide more action than Superman being prison-shanked and subsequently throwing a rock without devolving into two hours of HULK SMASH.
There are definitely problems with adapting that story for film, however. The original comic is, as I recall, just one double issue. Some expansion and basic introduction to Superman and his world would be necessary so that the audience gives a hoot when his less-heroic counterparts show up. I think that, since a movie made in 2010 would have less of a bone to pick with The Authority than a DC comic made in 2001 would, you can easily scrap the individual members of the Elite as long as you keep the gist. Hell, if Zod is what they decide, scrap the whole group idea and have Zod be a Luthor-approved, violent, conniving anti-Superman.