I stumbled across this last night and thought it was hilarious, and actually quite a fun idea. I think it would be a lot of fun to update the animation and put together a project like this for kids, don't you think? The story and music certainly fit this kind of presentation.
The entire opera was condensed down to 30 minutes (a feat in itself) for television in 1991. Enjoy!
I've never seen a Freia that looked like that ;).