I think Tim Curry owned that part. Never saw the stage show though, so can't make the comparison.
Oh yeah he did a pretty good part playing...well, whatever that transvestite was supposed to be.
As for the stage show, it's all very much involved with the audience - I think that's why the movie tries to break the fourth wall here and there...?
I only saw the movie once.
I envy you. I can attest that, as a theatre major, whenever there's a chance to watch the movie at a party or whatever, actors and actresses will do so. I firmly believe this to be one of the three major flaws of my career choice, along with nonexistent pay and rejection by society as "useless".