Nah, if Bryan Lee O'Malley doesn't feel it's right, then I don't think Telltale should press on. Also, not sure if it'll make a good adventure game. It's always been more of an action game for me, which it already has.
I agree that O'Malley knows what is best for his creation, however I think it would work better as an adventure game than a fighting/action game. The graphic novels are more about characters, story, and hammers that are +1 against girls than the actual fights.
And as said before Telltale already have a deal with Universal.