There are two ways your idea could be enacted, and both are possible and in use today. The first is to actually have steel rails held up by wooden supports. That is used at neighboring Adventure Express, which is a steel coaster with wooden supports. The other way that idea could be taken is what's happening right now on Texas Giant at Six Flags Over Texas. Dubbed "Iron Horse Track," it seems like they're placing iron beams along the wooden track...
The first method is straight up a steel coaster. Period. The second is debatable - no one's quite clear if the Iron Horse arrangement counts as a steel or wooden coaster. Texas Giant's renovation is set to leave it with a 79 degree first drop, making it the "steepest wooden coaster drop is the world." The question is... is it a wooden coaster?
Either way, I would guess that Cedar Fair will be watching this transformation very, very closely. Maybe for Son of Beast, maybe for Mean Streak. If this renovation proves successful, it may be the best alternative for their more painful rides.
Well, it seems logical to me that since the all wooden frame is already there, it wouldnt make much since to do a total tear down and redo it all in steel.. And I totally forgot about Adventure Express being that way. OF course thats on a much smaller scale, but it just goes to show that it could happen.. Im keeping hope alive. I dont wanna see KI Scrap this Giant. It just foors me that there is absolutly NO Referance to it. On the park map, the website, no cue line, Nothing! Makes me think They have something up there sleeves ay?