CP Shores can get pretty busy during the summer months which makes parking and traffic a hassle. Would you think it would be advantageous to add a second water park off property for locals who live in the Sandusky/Toledo/Cleveland area? It would be about the same size but would be located off the peninsula to ease up congestion.

Thoughts?

CF owns a bunch of property off-point- which could be a reason for improving the roads and traffic flow to & from CP.  https://fox8.com/news/future-road-project-should-make-drive-to-cedar-point-safer-faster/

I can see a future where more off-point land is used for another water park like you mentioned, additional parking lot, more hotels, perhaps even moving Lighthouse Point (??).

Yes a waterpark. A goid investment. But Cedar Point needs a great themed long log flume. N 1 dark ride. 

A water park that is geared toward locals doesn’t sound like a very profitable venture.

Toledo, Akron, or Cleveland aren't exactly close to Cedar Point where I'd consider them 'locals' and Sandusky and surrounding towns are pretty small.   CP almost exclusively relies on out of town visitors compared to pretty much every other seasonal park.