I think the "smart" thing for Universal to do would be enclose (or rebuild) FFL as part of London, themed as the West End Theater. Throw an abridged version of Wicked or Shrek or license non-Universal shows (based on movies) like Groundhog Day, Bring It On, Wedding Singer, Billy Elliot, Footloose. You can even do Grinch, A Christmas Story, or Holiday Inn as holiday shows.
Or make it Wizard Duel stunt show.
I just really want an enclosed theater for big shows.