I feel like a redo of the attraction using modern technology would be fun. I don't think a slavish re-creation (same rooms/scenes) would be that great, as chances are the ride and its effects were likely much better in your memory than in reality (although it was a fun ride). But there was some clever IP to use and it holds a place in visitors' hearts. I think what was described above, a total redo of that building and installation of a new ride system (or, better yet, use something like the Crypt's building) that uses the IP to create a whole new experience might be fun. And KI has shown a willingness to celebrate its history and lean on nostalgia. A new, reimagined Phantom Theater isn't totally out of the question, particularly if you use projection mapping or something other than expensive animatronics. I don't think it will happen, but I don't think it's totally out of the question.