Oh THAT might be interesting! There's definitely some beautiful stuff on the bottom of the ocean you could bring into the ride.
The thing that I think is most likely to be true is that a redo of Pinocchio would (and, truthfully, maybe should?) lean into giving us a great, big "When You Wish Upon A Star" moment. It's the unofficial anthem of Disneyland, and really the official anthem of Disney, it would make sense to give us a really big "WOW" with it at the center.
No doubt Cynthia Erivo is attached to the remake as the Blue Fairy in part so she can give us a big, beautiful rendition of it. I can't imagine Disney wouldn't double down on the song in the ride. You really only hear it in the ride as an instrumental while you wind through the little village before entering Geppetto's cottage.
If Snow's new finale is any indication, we'd be getting a big, sweeping, sparkling "When You Wish Upon A Star" Finale. That's probably the shortest distance between the current Pinocchio's Daring Journey and making it over into a quintessential Disneyland experience - to ensconce that song in a spectacular, unmissable showscene that captures the full spirit of the park within it.