Yeah, I immediately thought of Ed Wood too when I heard this movie was getting made. I don't think it's gonna be as good as Ed Wood. I'm not saying it's gonna suck or anything, Ed Wood was just THAT good a movie.
As for James Franco playing the part: yeah, I think he'll do pretty well, and it seems like they're casting him in EVERYTHING ELSE lately, so why not this ^_^. The only problem is that he's handsome-- that's a huge strike against anyone who wants to play a convincing Tommy Wiseau. It'd be like casting some smoking hot actress for the role of whoever that chick was who played Lisa. There's suspension of disbelief, and then there's just madness!