Though consensus is trending towards a traditional Critter Country (which is a more than excellent option), thought I'd add what I've learned from Figment's memory regarding an Australian option.
The Aboriginal Myth of Tiddalik the Frog
Tiddalik awoke with an unquenchable thirst one day, and proceeded to drink every last drop of water in the Outback.
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All the animals needed to stop Tiddalik. Wise old Owl had an idea to get the water back. He had Eel tie himself into hundreds of knots, which made Tiddalik laugh so hard that he released every last drop of water.
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And there was much rejoicing!
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I think this tale indeed has flume ride potential, with the final drop as Tiddalik laughs, earlier drops as he drinks. If the original songs cannot be reused, I personally have faith that new songs and new characters can be done just as well by Disney. (I'll cite Mystic Manor and also Sindbad's Storybook Voyage as new classics with the right look and tunes.)
As for potential controversy...the original story has none. It's only K. Parker's retelling which does (which we wouldn't have to reference).
Of course, all this could be 2nd gate material instead. I do think something original which responds to the local culture (and these myths do have importance to the European Australians) would be wise someplace at the resort.