I wouldn't be disappointed if they did a Tokyo-style rebuilding of Space Mountain at HKDL and perhaps design it specifically to be Hyperspace Mountain. While the ride itself is the same as in the US, there is something about that outdoor queue area and having it just sit at ground level that makes it feel a bit tired and worn. The Star Wars props placed around the queue also just seem a little too cheap and temporary compared to the rest of the park.
Perhaps not the best potential use of their money, but also not the worst. It could be a way to kick their coast game up a little and I would also be interested to see what a purposely-designed Hyperspace Mountain would look like rather than one retro-fitted into an existing Space Mountain.