Maybe, but there haven't been any demolition permits filed, and I'd expect to see some of those before new construction permits if they were removing the attraction. It's possible they could just leave the ride as is and close it, but I'd imagine that would create logistical problems down the road if they plan on tearing it out later and this new queue is all in the way.
The valuation of the alterations is only $50,000, so whatever they're modifying isn't too big of a job. It'll definitely be interesting to see where in the park this is going when plans inevitably get filed with the SFWMD (hopefully soon).