There were rumblings (not sure how substantiated they were) about the abridged version of the musical, similar to what they did in Japan, coming to the Toon Lagoon amphitheater, with the surrounding midway games given light Oz theming.
As for the photo op outside the theater... that's on Universal Pictures, not the park's management. Those photo ops are paid for by the marketing department. You got the actual costumes inside the theater proper -- the exhibit in Orlando, as I understand it, got replicas.
For all the complaining about a lack of new attractions at the Hollywood park... are we forgetting the giant rollercoaster currently being built...?