Would it work as a TV show?
Talking about HBO or AMC quality, no network of course. But I wonder if it would. Game of Thrones workes just fine, the non-readers love it, the readers love it, it looks great, feels great, a perfect show.
Now the His Dark Materials franchise might prove itself a bit harder, because of the amount of CGI needed, but do you guys think it could work? With 10 episodes (or such) you'd get 10 hours of story for the first novel and so on. A lot more time to get into the world, to explain how it works etc.
I'd say give it a try. Not that it will happen, though.