I would definitely assume Dinoland would be closed in phases since it is such a spread out area, and the carnival area/boneyard requires full demolition, whereas the Dinosaur ride in theory would be a quicker process, since the bones are already there. I would think they will close it in two phases, especially since the park has so few attractions to begin with.
There's still part of me hoping somehow Dinosaur survives, or at the least we get an Indiana Jones ride that still incorporates dinosaurs in some way, which seems like a good compromise if they insist on doing this.