Well, I'll say yes, but I would make some major adjustments to it that peole who were expecting to see the exact story or even the dvd would be pissed. And this isn't something that I'd want to see, but I think it could work only if they did it a certain way, that's why I voted 'Yes".
I think that it has a lot of the right elements that would work in a JLA film, it has Superman, batman, and WW but they don't hog the spotlight, and it gives some background on the Flash, it shows GL's and MM's origins, and at the end of the story the JLA has all but been assembled.
But what I'd do would be be very different for a number of reasons, namely -
It would be in contemporary times
The League would face an other alien threat, probably the white martians (tying into Jonn's origin) instead of "dinosaur island" (the Center)
the League would be formed by the end of the film; it would be a JLA origin story
The Flash's origin would be glanced over briefly
But having said all that, the story I'm telling there ^, is hardly the New Frontier at all, it just bares similarities to it.
Ultimately, I would want the individual characters (sans maybe the Martian Manhunter) to be exlpored in their own films, like the GL origin, there is so much of it that would have to be gutted out in order to have him go from Hal to GL by the end of the film, it would be so much better to explore it in depth and completely in a solo GL film instead of rusihing thru it for the sake of an ensemble film, know what I mean? I don't think I would do any character's origin in a JLA film, if anything they would acknowledge them briefly either verbally or narating a quick flashback.
As I've said before tho - I don't want JLA to be an origin film. Why in the hell do we have to sit thru a ***damn origin that takes up a three hour movie when it can be explained in 2 sentences? 7 heroes unite to save world from aliens, build clubhouse in space - bickety bam - the JLA is born, get the hell on with the story.