Figment was a stranger, a stranger to everyone who rode the ride for a first time. He was not a Disney channel cartoon, he was original to the pavilion. That meant that they needed to tell me the story of who this little dragon was and why I should care about him. They did this by having a mini 2 or 3 minute close-up audio-animatronics show with great effects and music (by the Sherman brothers) that introduced Dreamfinder and Figment. Then you went on to explore with these new characters and by the end you were smiling big and humming One Little Spark one your way UP to the Image Works. Good luck try to even match that, let alone top that introduction.
If they build P&F, will they have enough ride time, space, or even desire to tell all (5 or 6?)of P&F's character's back-story in the ride, when people can just watch the cartoon to find out about P&F? I think it would be a lot harder do since their are more characters in P&F that the 2 they originally had to introduce to us. My bet is they would just show a cartoon in the queue as part of a pre-show to explain who these characters are before being whisked off on an adventure to save their imaginations from Dr Whatever.
I guess if they do it right, and the attraction is E+ ticket awesome, it would be easier to say goodbye to Figment. But if they just do a P&F dark ride like the new Ariel's Undersea Adventures (as much as I like the Ursala AA, it is defiantly not a E ticket attraction), I think Disney fans would freak out about losing Figment again. I think this is the bottom line, if they are going to remove Figment from the pavilion again they better replace it with an E ticket that can help ease the pain. However, I don't think Figment is going anywhere because of the strong merchandise sales and strong connection to Epcot in general.
I have no insider information, but I just can't see Disney doing this to the Imagination ride. If they can't pull the trigger on the Monster's Inc coaster based on a great Pixar movie that has an up coming sequel, I don't see them going all-in on a entire pavilion redo for a TV cartoon, no matter how popular it may be right now. I could see a 3-D movie and I would be okay with that but I really like the idea of P&F going in the Animation Courtyard like RSoxNo1 mentioned.