With regard to licensing, there is quite a lot to consider. Be aware that I'm not a lawyer, and I don't play one on TV.
You will need to obtain small rights licensing for the music. These permissions come through the performance rights organizations like ASCAP and BMI. You cannot use any dialogue, set, or costumes. You cannot in any way "tell the story." To do so would cross over into a situation where you need Grand Rights... which is what the publishing companies like Concord and MTI provide. In the past I have see assertions from the publishing companies that you can only do a limited number of songs from a single show, or that multiple composers must be used. I'm not certain that is the case at all, but you should get an opinion from your own attorney.
Remember that in the internet age it is very easy for them to become aware of your show. They monitor the web actively, and will not hesitate in going after anyone they think is violating the copyright of their authors and composers. It's also helpful to remember that we (the folks who are producing their shows) are not really their customers. Their customers are the authors and composers and their who reason for being is to create income for those creators.
Hope this is helpful.
kdl
------------------------------
Kirk Longhofer
Theatrical Sound Design, Audio Production, Editing and Engineering
Systems Design and Consultation
www.technopraxis.orgkirk@technoprasix.org------------------------------