Regarding Waterworld... because I'm a bit annoyed about it.
This is Waterworld in Hollywood overlaid on Sinbad. There may be, like, a 10 foot difference in scale, but this gives you a sense of how massive that show is, how big its backstage is, and how it wouldn't just be a simple "conversion." It would nearly eradicate what remains of the market place with a dystopian future-based show. So, not a bloody chance.
Ironically, though, it fits pretty well in the Studios... where it should go.