I agree and disagree to various points.
A well written and compelling drama will get you noticed (look at Finding Forester) by an agent. Yes, it is much harder/near impossible to sell as a spec script (most dramas are adaptation of novels, plays, real life events and/or written by established persons), but can be a great showcase of your talent if written well and is compelling. If that's your preferred and genre of talent, then go for it.
As for Cinema Paradiso. The concept of a young boy (which was a pseudo biography of the filmmaker, Giuseppe Tornatore.) who falls in love with film and is guided by a mentor type, is a good premise of a coming of age film and can be revisited again and again. I remember a film a few years ago (can't think of the title) about a Chinese boy who becomes his county's first filmmaker when watching Americans make a film and is mentored by one of the crew.
So, if you want to write a story about a young boy coming of age and using film's very basic concept/plot as a backdrop and/or catalyst for change, then go for it.
I would use it as a Nicholl, Austin, Sundance and other competition piece as well as a writing sample of your work for agents.
If you want to make a direct remake of CP then I advise against it, since the rights are hard/near impossible to gain and will always be compared to a great piece of work.