Someone did in 1926 (Protugal) and 1928 (Australia):
http://en.wikipedia.org/wiki/The_Exploits_of_the_Emden Don't know how much survives or if any of it is accessible other than the clip here:
http://aso.gov.au/titles/features/th...en/clip3/?nojs
This clip is focussed on the battle with HMAS Sydney and uses some of the footage from the 1926 film mixed with footage shot in Australia.
I'd love to see a modern version which gets into the story in more depth as well.