It would be interesting but a shorter exhibition game would work better because it would be too boring to watch a full scale 48 minute game of it.
I think one of the most exciting things to make for this is to make'em play a game that is free of all the rules. Streetball style. Not only travel call skips. Everything. Rock hard game battle. But they earn too much to risk their salaries to that. Unrealistic.
They could invent little 1on1 tournaments. Or go with 2on2 to balance things. But 1on1 would be more exciting. Kobe against Bron. Durant against Paul George etc.
Above all, they could make the All-Star action worth a big deal to the success of the players' teams' season records. That way, teams would be racing their players to enter the contest and earn them some bonus scores.