This only would have worked if it was animated. The 1977 Hobbit film which was produced for NBC [1] was a excellent adaptation, and Yellow Submarine is in the same style. I would argue Yellow Submarine also has many of the same themes, if not more absurdist than fantasy.
Also fun fact I just realized you can stream Yellow Submarine for free on archive.org [2]
Also fun fact I just realized you can stream Yellow Submarine for free on archive.org [2]
[1] https://en.wikipedia.org/wiki/The_Hobbit_(1977_film)
[2] https://archive.org/details/yellow-submarine-1968_film