Yeah, the idea itself would work perfectly fine in live-action, the problem is that the whole chase of trying to stay hidden while the police & a detective try to solve the murders is kind of lost when you condense it from a 37 episode anime adapted from 12 volumes of manga into a 90 to 120 minute film.
Granted, I think most people would be content if they just went with the first half or whatever, since that's remembered by more people (aside from the actual ending).
At the very least, of all the anime I can think of, this is one that would make sense in a "what would be easy to bring to live-action?" way.