Keep it outside the park. I don't think that a major chain of restaurants like that would work all that well inside a park. Plus I think they should go with a place that is like an actual Hollywood restaurant, not just one that has Hollywood in the name.
I think that they should put in a launching coaster. Although that's a lot of area, it's not all that much for a lift hill. Maybe an Intamin 100mph'er? I think that if they do put in a lift hill it shouldn't be a turnaround one like Vortex and SoB. I like the up then down without turning hills better.
I know there's been a lot of talk about the rides and everything being completed, but is there a hotel or something that will be put in there? Am I just being stupid and missing something, or will there be one?