If they actually put money into Atlantis (including simple maintenance costs) then they would already have a better version of this ride.
I'm not sure about the WHOLE thing, but I agree. I believe continuing the back of house animal stuff and some of the exhibits works. It's what makes them different.
The shows could continue, but there is no reason to have fireworks as a part of them. The big end of day shows should be on the center lake. A WoC, RoL, Illuminations, CineSpec like show would work best for them. That's what I'm hoping the big show for Electric Ocean is like.