I hope that this book does come out as a mass-market paperback with a gnarly '90s style cover. It would suit it so well. But since they're being phased-out, I guess we'll only have the trade paperback.
A film adaptation would also be great, since it gives plenty of opportunities to play with the medium, similar to what Winning does with the interstitials "taken" from print media.
I would start the film a la Tropic Thunder, with a fake trailer for The Guesthouse.