In my grand vision, I would destroy the Hat, the Chinese Theatre AND the Great Movie Ride. Blasphemy? No. In their place, I would construct a replica of the Hollywood hills w/sign, as per the original design for Epcot's Movie Pavilion. Inside would be a new and improved GMR, with some of the scenes salvaged from the original ride, but with new scenes and new tricks (maybe a small drop during the ride ala the start of PotC).
Hell, they could add Disney and Studios above and below the Hollywood sign to make the name of the park, or revert back to it's original Hollywoodland format, complete with a park name-change to that.
Bye-bye Hat, Hello Hill! :lookaroun