Sometimes, updates can work. Sometimes they can't. Fantasy over what might have happened get people curious...
For instance, Kate Bush updated Wuthering Heights, musically. June Tabor on her "Against the Streams" album recited a wonderful poem called Beauty and the Beast Revisited, about an ageing beast.
Many, yours truly included, have written updates to Marriott Edgar's Albert Ramsbottom saga...
That said, I see Michael's point....
If you sing a song that is not yours, do you always try to be faithful or are you creative and put your own stamp on it? (The only time I see red is when somebody says I am not singing a traditional song correctly. So, what is correct then?)