YES! I love this story, both the original and the Disney movie. It truly is a tale as old as time just like in the song. Making a Hetalia version would only sky-rocket my Hetalia and Beauty and the Beast fangirlings.
But they need to remember: Italy = Belle and Germany = Beast
(I'm sorry if I'm rambling on and on about this. It's not often I get to talk to other people who share the same fetishes as me)