I've thought for a long time now that the perfect attraction for the area would be very similar to the old Alien Encounter attraction at Magic Kingdom. Just change from an alien on the loose to 2 or 3 velociraptors, and you're basically done. Not only would the attraction itself fit the space constraints of the island, it could also be a thrills-boost to the island without compromising the theming of the place. As much fun as a woodie would be, I feel like it'd be out of place.
It's even pretty easy to think of a respectable plotline -- remember the tour of the facilities that Dr. Hammond took his guests on in the movie? Everyone got in stadium seating and (after that intro with the talking DNA strand) they moved around the hatchery, etc. Universal could put guests on the same ride. Obviously, power would go out at some point, mayhem ensues....you get the picture.