haven't gotten My Life with Master yet, although I may.  I was wondering if it would be appropriate for the following game ideas:
 
 
The First: Rocky Horror
 
Believe it or not, this movie actually does have a plot.  I've always wanted to see what the hinted-at-but-unexplained goings-on between the various castle residents were.  The story would start a while before the events of the movie.  Frank would be the Master, Magenta, Columbia and Riff Raff would obviously be the player characters, and Eddie and Dr. Everett Scott would be important NPCs.  The story would elaborate the relationships between them.  The arrival of Brad and Janet would initiate the Endgame.  Unfortuneately, the songs would be absent.
 
 
The Second: Peter Pan
 
"The boys on the island vary, of course, in numbers, according as they get killed and so on; and when they seem to be growing up, which is against the rules, Peter thins them out; but at this time there were six of them, counting the twins as two."
—Peter Pan, by J. M. Barrie
 
Disney's Peter Pan is not J. M. Barrie's Peter Pan.  Barrie's Peter was not people.  Barrie's Peter was not moral.  Barrie's Peter was a little sociopath who ruled the Lost Boys like a pre-pubescent street thug.  Or at least, he could be interpreted as such.
 
"Let us now kill a pirate, to show Hook's method.  Skylights will do.  As they pass, Skylights lurches clumsily against him, ruffling his lace collar; the hook shoots forth, there is a tearing sound and one screech, the body is kicked aside, and the pirates pass on.  He has not even taken the cigars from his mouth."
—Peter Pan, by J. M. Barrie
 
Of course, we can't forget the real antagonist.  Thus, this would be a dual game: each player would got two characters, a pirate and a lost boy.  For the most part, the scenes would switch between the two parties, although both would get the spotlight in parts of the Endgame.  The story would begin slightly before the arrival of Wendy, John and Michael.  The players would essentially be competing with themselves, and the story could take a very different course from the original book.  Either party could fail, succeed, or be crushed by the other.
 
 
So am I crazy, or would these work?  Or both?

I think it could really work in a Rocky Horror Picture Show environment. (I haven't read Peter Pan, so I won't comment. Although I highly recommend playing getting to know the game before making such radical changes as increases the number of characters per player.) But I strongly suggest that you drop the idea that the GM can think up an environment in advance: follow the rules in the book and let the players create their own Master and minions. That way, you'll engage them more, because they have created something that interests them.