If I may jump in, this may be a deciding factor in whether or not Pinocchio would fit within Storybook Circus, if the land's storyline and details are taken into account:
This implies the circus is run by and features exclusively animal performers, with no humans in sight -- though this canon rule is a little dubious when you have human cast members acting as members of the show. Of course, Pinocchio is set in late 19th century Italy when compared to the contemporary setting of the circus. Yet, Storybook Circus is considered a part of New Fantasyland, which has clashing historical themes of European eras, whilst the circus has a steam train and airplanes (make that crashed airplanes), so how and where does Pinocchio fit into the theme.
Pinocchio has theatrical and circus/funfair elements throughout in relation to Stromboli and Pleasure Island, but both are actually locations that are secretly dangerous and threatening to the character. So, you have to wonder and ask why would Pinocchio be a part of a semi-modern day circus that is apparently run by animals? Mickey's Madhouse can work because he and his friends are a part of the circus and live in a modern setting (whilst able to be placed elsewhere in time). Pinocchio is a little more grounded in his setting and world. Unless New Fantasyland and Storybook Circus exist in a more
Kingdom Hearts type universe where such places can all co-exist without issue. I believe the overall idea for NF was for it to be a magical location where fairy tales and storybooks merge together as one, regardless of temporal displacement.
Pinocchio has always been associated with the circus/funfair/theatre aesthetic, as seen in his dark ride, in parades and shows, etc. Placing Geppetto's workshop in a circus would make no sense. The Disney attractions tend to present what could be considered alternate takes on the films, or at a point where the characters exist before or after their happy endings. Pinocchio would likely be a puppet as that is how most people recognise him or visually imagine him. It would be a bit contradictory setting an attraction after the film's ending, as it would neutralise Pinocchio's happy ending by turning him back into a puppet. Frozen Ever After and Splash Mountain 2.0 follow the "set after the film" narrative, but that can't really be done with Pinocchio, since the character undergoes a life changing transformation.
So, you either find a way to incorporate the need for Pinocchio to be within the circus as a puppet or alternatively do it as a "after the film" step where he is human and has joined the circus for a reason - perhaps to present his father's puppets to a large audience, or he is getting up to mischief, or has merged the better traits of Pleasure Island into Storybook Circus. Maybe Honest John and Gideon turned over a new leaf and joined the circus, or in a "what if" scenario, didn't take Pinocchio to the theatre and instead the trio joined the circus. I'm spitballing here, but laying down the foundation of the story and how it ties in with Storybook Circus is a good place to start, if the option to add a Pinocchio ride is considered.