With some of the rumors of a rescue themed coaster, I think it seems obvious that it may go over the lake. However, we've also heard rumbling that it may be going in the Key West section, which fits way better with the theme and also, it won't tamper the beauty of the lake. I drew up this potential layout that I think would be awesome. It would require a little shifting of some of the BTS sections.
It's not supposed to be an exact layout, more so a path for the ride.
The cyan sections are pools they could develop to give the illusion you're over water. Red is the station, and the other white section is the indoor part of Wave Breaker.
I think it would be really neat to have the coaster interact with the front gate near the lighthouse. Would be really cool for incoming guests to see as they approach, as well as give new life to the front of the park.
Most likely wont turn out like this, however, I think it's always fun to try and imagine these things before they're announced.