A few thoughts: splitting it could make a lot of sense if they got rid of TimberWolf. There's a ton of concrete that exists, so an aeronautic theme could be pulled off.
The other side, as you mentioned, would be great as an Oktoberfest expansion, a haunted area, or a reintroduction of Adventure Village. That would tie in well with Adventure Port. Or, they could make the entire area Adventure Village again, similar to JungleX, with a multiple year phase in. Some are calling for this to be a DC Universe land as well.