Let me get this out of the way, I'm a major Thor fan. When it comes to Marvel heroes, he's always at the top of my list. As such I also love his supporting cast. Granted Bill isn't technically a part of it, but he's an ally of Thor's and without the Odinson he wouldn't even have Stormbreaker.
Now on to my main point. Could Beta Ray Bill work in a live action setting? I think they could do his look with practical make-up, provided they shorten his face some. I think with the MCU going more cosmic, that that means we can get into races like Kree, Skrull, and yes even Korbonites which are Bill's people.
I think it would make an interesting Thor sequel. Heck they could even reference Bill in Guardians of the Galaxy!