I have a policy of watching movies based on books that I read, but I skipped Franco's; in spite of the fact that he was covering some fairly big books like Faulkner's As I Lay Dying and The Sound & The Fury, because they got panned and ignored, so I assume that people who saw them agreed that the prospect of a timeless 20th century piece of literature being adapted to star Seth Rogen and Danny McBride filmed in between the breaks on Your Highness wasn't really worth it. He did do Cormac McCarthy's Child Of God though, which was Cormac's first good book, and I'm mildly curious about that one.
(Note: there was also a 1959 adaptation of TS&TF, starring Yul Brynner--with hair!--as Jason Compson, but nobody cares about it or ever talks about it just like they don't talk about Franco's).
I don't know that I'd be willing to read a book based on The Room's making, since I think it's fairly silly as far as pop culture phenomena go and I didn't really get attached to it, but I did notice that Tommy Wiseau's birthdate is listed as 1955 on IMDb; he's really in his 60s? That's all the gossip I'd give a crap about.