In theory this would work out. Sure the plot will have conflict and drama, but it'd be drama you can point and laugh and say "hey, that's like the time I did that stupid thing!" We'll be able to poke fun at ourselves and the drama would be all on the other side of the fourth wall.
This, however, requires some witty scriptwriting to not offend too much people (can't please everyone). And getting actors might be a problem since probably nobody want their face to be associated with the exaggerated characters such a production may call for. So perhaps such an idea is more suitable for animation.
In theory this would work out. Sure the plot will have conflict and drama, but it'd be drama you can point and laugh and say "hey, that's like the time I did that stupid thing!" We'll be able to poke fun at ourselves and the drama would be all on the other side of the fourth wall.
This, however, requires some witty scriptwriting to not offend too much people (can't please everyone). And getting actors might be a problem since probably nobody want their face to be associated with the exaggerated characters such a production may call for. So perhaps such an idea is more suitable for animation.