Thomas Lennon and Ben Garant, of Reno 911 and Night at the Museum, are scripting, with We're the Millers' Rawson Marshall Thurber directing.
I'm gonna be honest - like I'm ever not - and say I always thought the books kinda sucked. Growing up in Europe, I had the Steve Jackson Fighting Fantasy books first, and then I'd see these books on American visits, and comparatively, they were terrible - basically, you die almost every other choice you make, while the Jackson books had a bit more free roaming up until the final puzzle, which you only then generally failed at.
Basically, the best possible Choose Your Own Adventure games already exist - the branching Laserdisc vidoe games Dragon's Lair and Space Ace give you the full effect better than any non-interactive movie possibly can. Unless maybe you hire an alcoholic projectionist, choose what drink to give him at every reel change, then take your chances on whether or not the film will break as a result of your choice.
Don't tell me nobody projects on film any more. Nobody reads Choose Your Own Adventure books any more either.