Then turnabout is fair play, because Bob Kane borrowed heavily from Zorro when he created Batman.
I'd pay to see that, but I'm not sure they'd do it right. The Shadow, unlike Batman or Zorro, would be diluted without a body count. He's supposed to be scary.
BKN has had this show in the pipeline for about a year now. The website reveals some cool stuff. There a page showing the costumes of past Zorros (the future Zorro's ancestors), and they all look stylized for the time in which they operated (the Zorro who was active in the 1920's wore a costume that looked like the one Douglas Fairbanks wore in the first movie, which shows they've done their homework, if nothing else). I'd like to see it, and it could be seriously cool. Along with Filmation releasing their Zorro/Lone Ranger package on DVD, the next year could be a good time for Zorro fans.