It doesn't sound like it's an actual plan, it's just Gerard Way musing on stuff in response to questioning. NME asked the My Chemical Romance man if they plan to copy Green Day, who are working on film treatments for 'American Idiot', and do the same thing with their album 'The Black Parade'.
And here's what he said: "I think it needs to be something. If not a play then a musical. It's such a visual thing. I think it would make a great animated film, something experimental would really work for this. It'd also be really interesting to rewrite the script so when you make it into a movie it should be something almost totally different. There should be elements of a rock band in that, or maybe this character has a rock band. It would be cool to maybe play with the notions of what you're making than just simply tell the story."
So there you go.