It's possible. We've been saying for a few weeks now that it seems like they're completely leveling the Gibson. If they completely push the new Forbidden Journey building as close as possible against citywalk, maybe it'll give us even more room for a full size Hogsmeade, even better Hippogriff ride, and heck, maybe that rumored Great Hall experience or something extra. I truly believe they'll make the best of the space they have, while improving on Orlando's design and space issues.
One thing that I think we'll see for sure in Hogsmeade is that it'll be a different shape than Orlando's. Which makes sense, and wouldn't take anything away from the integrity of the land either. Having a slightly different path and shape to Hogsmeade would be realistic and be made to fit into the space!