Oh, I'd read it, just out of curiosity. Mostly because, I love Golden/Silver Aged types of characters and teams. The Minutemen would be SO much fun to read and play around in their world.
However, a large portion of me doesn't agree with this move. There's a difference between taking a classical piece of literature (prose), that's been around for centuries, and reinterpreting, adding to or retelling it. This is awesome if the work has been around for so long that people are immune to its effect. If it's dull, and boring after so many years, a cool interesting spin is welcomed. Watchmen for me, isn't that old. It's still applicable on some levels. It doesn't need to be tweaked, or put into perspective based on something else.
My issue is that Watchmen is an example of storytelling. Art with prose. It's supposed to not only make an impact but also be memorable for that one moment. That fixed place in time.
Maybe I'm alone here but I think people forget that storytelling is an art and less is often more. I can think of lots of pieces of art that if *just* something else had been added to it, it would be ruined. Or if it had been exhibited in an area to 'add to' the painting would have destroyed the overall viewing of the piece. There are lots of prose works where adding to the story, or creating a prequel/sequel would/could do more harm than good.