Sounds a bit like Raul Ruiz'.  Although he's now based in France. He did "La Vida es Sueno" which is based on a Spanish play, but was updated (in a very surreal way) to the politial events of 73.

He also recently did one based on Proust's "Rememberances of Things Past".

But I've only seen the first.  His main themes are related to dream vs reality and the fusion between the two.