Honestly, I think a DreamWorks Fantasyland wouldn't be a terrible idea. It'd go against the "immersive land based off a single IP" quota that's big in theme parks nowadays but I feel like you could make a decent land featuring Shrek, Dragons, Trolls, etc., with a decent amount to do in each miniland and an alright flow between them. Plus, you don't have to worry about an entire land of the park becoming dated; once one becomes dated, just replace the specific attraction and surrounding area with a newer DreamWorks IP.
Personally, I like the idea of the new park having another "Port of Entry" style opening area that's completely original... and this time with an actual attraction, inside the (100% speculated and likely not happening) mountain icon. Universal has proven they can do original IP when it comes to water parks, restaurants, and park icons, but I'd love to see them get at least ONE crack on a completely original state of the art e-ticket.