For sure, that slightly inaccurate lip-sync is a huge must for a martial arts classic!
As for the story line, I don't believe I came up with anything new, just picking the most common themes from anything from Bruce Lee to Kung Fu Panda.
Totally agree, the 5x5 min. segments are perfect for Hive payouts. In fact, I would even spike it up a bit more: Limit the "grand release" of those 5 minute clips to once a week. In between include a bunch of teasers, behind the scenes posts, funny takeouts, and interviews with the actors. Publish the plot separately, so fans could familiarize themselves with the story before seeing the scenes. You could even dedicate a separate post for each character, providing waaaaay more info on each one than what you'd get from the actual film. Oh, and I haven't even started on the interactive possibilities with the fans. But all this comes just from the top of my head.
I have a feeling you're in the process of tapping into a mine of ... gold? - hopefully! But even if not, a mine of fun should be still worth the effort.