Yes, it is too early to joke about the death of the King of Pop. But it's never to early to joke about some people's reaction to the news.
There's actually a video online now that supposedly shows MJ sitting up in the body bag in the helicopter on the trip from the hospital to the morgue. It's grainy and there's just a glimpse of movement in just a few frames that could easily just be someone moving the body -- but it's indisputable truth that he's still alive!
Unfortunately, this conspiracy theory has the same problem that the conspiracy to frame OJ had -- it would require the participation of hundreds of people who had no motive to support the conspiracy. For example, how would you deal with the ER staff? How would the conspirators know who's going to be on duty that day? Would they pay off the entire staff of the hospital ER? And none of those employees would get the idea that they could make even more money blowing the whistle to the National Enquirer?
Don't get me wrong. It's not that I think all conspiracy theories are bunk. I'm sure there's more to the JFK assassination than what was in the Warren Report. But there, we're talking about the CIA, not the entourage of a pop star.