Okay, I'm a fossil who rode the original many times. It went like this, with same track layout up to skull rock: Flat mural out front; ships didn't enter show building until they made the first turn. Nursery was closet-sized and had no figures, just Pan's shadow heading for window. Tiny Tink hovered in window--moved aside. London pretty much the same. Neverland Island flyover the same, but no effects on island and stars were small blacklight lit spheres. Where you make the second U turn over island, a liitle tinkerbell flew in circles on your right, easy to miss.
Last part was very different, and very dark. You descended toward a very creepy skull rock staring straight at you. The left turn took you into a long cavern representing the inside of skull rock. Smee waited at the far end in the rowboat aiming a musket at you from the left. Hook called from behind him, "Fire, Mr. Smee! Shoot 'em down!" The end of the gun lit up with a boom as you passed. Then a right U turn, where the Croc lunged out at you at eye level from a ledge on the left. Then down through a "waterfall" crash door (looked like tinsel), a left U turn in an unthemed corner...and it was done!
The remodel extended the ride by about 15 seconds. At the point where you would have gone out the waterfall, they added track for the second half of the new ship scene, the hook/croc scene and mermaid diorama.
The music for the London and Island flyover was simply the vocal loop of "You Can Fly" straight from the film. You could actually hear Nana barking in the song as you flew over Neverland, which was very lame.
And yet it was still a wonderful ride!
(EDIT) And if that rainbow arch ever existed, I never saw it.