I love Pirates as it is, and I have little doubt that if it does get a HM-style refurb, that classic scenes will remain. But I'm with you - a high-end refurb could be awesome. I'm hoping that the battle at sea scene is massively plussed. It's a little tepid right now, just a bit of noise and splashing water, but imagine if it were given a huge upgrade, with the passenger boats rocking amid a huge storm at sea and cannons blazing away and maybe even a kraken...
...well, scratch that last bit. I just got visions of a disabled AA and a new meme - "disco kraken"...
Still, a huge refurb for Pirates would be epic as long as it preserved most of the original ride while upgrading the effects and sound system. I'm sure Walt would approve of that (and, incidentally, be very proud of the Pirates films' success, although he might question the quality of a couple of the sequels...)