Arniepix, stbd1 and Renegade, this is all eminently helpful. Working through some responses helps me better define my goals with this project and see if it still makes sense. First, why this method?
If I shoot on digital, there is no reason not to shoot a traditional shooting ratio. Video is so cheap, it would be foolish not to get coverage and have the broadest range of options in the editing suite. However, coverage takes time and time is money. Even limited coverage will quickly make a weekend shoot into a week long shoot. A weeklong shoot increases the cost of cast, crew and equipment. If I went with a cheaper route (24P HD, miniDV, 16mm, 8mm, Pixelvision, flipbook, etc.), I would still only be able to afford an entire crew for a weekend. So cost is the initial problem.
Next, the further you get from film, the lower the quality when it gets transferred back to film and the closer in cost you get to having shot on 35mm in the first place. I did a short film on 35mm and then ended up having to finish on digital because of the high cost of transfer. And in the end, 35mm has many more opportunities for distribution, exhibition, etc. This is changing, of course, but it is the reality on the street. If you can afford a short film, you can afford a feature (but that's a discussion for another time).
So lets say that you have a limited budget but still want to end up on 35mm using a professional cast and crew. Shooting a "Rope" like film is one solution and I am open to others. This group is proving to be very helpful so if anyone disputes the above or has better ideas, I encourage you to have at me, it can only help.
Of the other issues raised, I am least concerned with actors flubbing their lines or not quite hitting a mark since the performace is being prepared more like a play. Which means that the actors (and crew) will be prepared for a "live" performance where errors will have to be convered on the fly and nothing short of a collapse of the stage should stop them. (I know what you're thinking "this guy is shooting for Alfred Hitchcock but he'll be lucky to hit Ed Wood - and I'm the first to admit you may be right!) Of course, even if everthing goes right, that doesn't mean anyone will want to watch it.
Which brings us to the other major issue raised which is also at the top of my list. How to make the film compelling to watch and have a rhythm which we won't be able to help in editing? Plays, of course, do this all the time. And while I know that "filming a play" sounds like a sure-fire ticket to obscurity for an aspiring director, I do recognize that film is a visual medium and I do have some thoughts on how to achieve this. Among them are working with jibs, track, dolly and zoom lenses to move the camera and frame close-ups, medium and wide shots. Different lighting set ups in different long takes can also help to create mood and atmosphere. And, of course, the actors will be blocked in such a way as to create different "scenes" from one moment to the next (we see this a lot in "long take" dramas like ER).
If there's anyone who isn't bored by this discussion (or my comments), I would love to hear your feedback. I love internet forums because they usually provide something you can't get from family and friends: no bullsh-t honesty.
So I'll end with this: Is there anything about this project that is compelling to you? Does this seem completely like folly, destined for a spectacular crash and burn? Or do the challenges seem intriguing or interesting at all? I love hearing stories about how a director didn't have access to a piece of equipment (s)he needed or the money to do a scene the way (s)he would have liked and instead came up with something more creative because of the limitation. Is this like that scenario? Or is it just stupid? Don't worry, you won't offend me.
Thanks again to everyone who has commented, looking forward to more great thoughts!