I dunno. It's an interesting question. Sandman has some distinct issues for this. On the one hand, translating the underlying theme of Storytelling to the screen may be a bit tricky. On the other, I found that the overall series was stronger than any individual bit; the contrast of the varying pieces was part of what gave it its power. I almost wonder if it would be best as something like a Showtime series, that could build gradually but sometimes almost acts as an anthology (since the series itself was sometimes that way).

Haven't actually read PS 238 -- really need to check it out sometime...