A better iteration than versions 2 and 3 is not an impressive hurdle to clear and I would hope the standards are infinitely higher. They're genuinely terrible rides even ignoring the existence of V1, I personally consider them the worst Disney has ever created (yes much worse than Superstar Limo). That includes V3. On a scale of 1-10, my most charitable rating is a 2/10.
JII V1 was one of those classic 9/10 arguably 10/10 rides. Would have aged like fine wine had it remained open and kept in proper shape. It would be extremely easy to create a vastly better ride than V2/3, again not a great achievement. I would hope the bar is a lot higher than "better than what's there now", it SHOULD be "as good or better than V1". I wish people would would develop higher standards than desperate dogs starving for the tiniest scraps that are dangled in front of them.
A while back, I created a hypothetical layout of a "sparknotes" version of the original JII using the current shorter track layout. I don't condone this as an acceptable alternative to a proper 1:1 rebuild with the original full length of the track and turntable restored, but this is probably the best case for the existing layout. With great care, it MIGHT be possible to squeeze an 8/10 ride out of this if they can find some good artists. But that's a big if given the talent of their current crop of imagineers...
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Queue and load/unload areas needs some major reformatting, Dreamcatcher sequence would need to be an off-ride preshow. And the finale would need to be consolidated and reworked. But the rest of the scenes could be recreated 1:1. I don't trust them with something that diverges more significantly from the original without Tony Baxter back as lead imagineer. Which i'm assuming is "not a chance in hell". He's been consistent in saying he'd be thrilled to come back as lead on V4, but the company clearly doesn't want anything to do with him.