Barring the apocalypse, it think it's a question of when rather than if the Toy Story lot is used for a themepark. That may not be soon, but I think it'll eventually happen.
The Long Beach project would have felt completely disconnected from the Disneyland Resort, it would have been it's own thing. But with the Toy Story lot they can set-up transportation that's quicker than getting from the Magic Kingdom to any of the other Disney World parks.