I have to say, I'd be sort of interested in taking a look at this if it had come to fruition. This is just the sort of bizarre, "What kind of drugs are these people on?" idea that would get my attention.
The writer speculates Young Justice got in the way of this, and that's probably for the best. But still, I wish this at least got to the pilot stage.
Link's down. But it does remind me of a pitch website I saw once that featured a teenage Bruce Wayne growing up with Alfred, and getting into adventures with best-friend-eventual-villain Harvey Dent. The series eventually became Smallville and they went with the Dark Knight trilogy instead.
And there's always the consideration that film stock has a much higher resolution than even HD TVs can replicate, so why not go with one of the better known films (especially on the coat-tails of that documentary last year)