If you were on the Price is Right I would say you were too low (sad horn).My money is on a separate annual pass, say $89.99 but also as a discounted add on to AP holders, 59.99.
My other thought was they could launch a whole new access all areas pass, . This top tier pass would be the only one to include the water park in an annual pass. Though possiblylimiting the amount of water park pass holders it would drive sales of higher value annual passes.
IF there is an annual pass (and I'm not convinced there will be) I would guess $150+. As an add on for other Universal passes probably an extra $100. They are billing this as a theme park and will charge just like they do for the theme parks.
Also, after seeing what they did in Hollywood, I would think they might do something similar here, basically blocking SP holders until they see just what the day ticket/resort guest demand is rather than have the park overcrowded and create a bad first impression because half of Orlando is hanging out there. If the crowds are below expectations, they lift the blockouts.