Without a single doubt, it should definitely be CGI (Just like the game -_-+ hello?) It would be like the FMV quality, of course.
I think it would be very cool. That is, if they didn't make it into a cornball kiddy flick...
Meh, Disney's kind of growing out of that stage. They could probably make it really well (for those who played the game and for those who didn't) if they tried...