I cannot see any possible plot or movie opportunity here that would be any good at all. It is a great and iconic attraction with a message of world harmony. But the ride itself does not translate to a movie that I can see.
They need to quit mining attractions for movie plots, and simply come up with good movies and good attractions independently -- and if there happens to be some natural synergy, so be it; but otherwise, just keep good ideas that fit films and attractions independent of each other.
Walt knew that. Yes, he created attractions from movies, but he also created attractions that were just meant to take you to another place and time (Jungle Cruise, Pirates of the Caribbean, Enchanted Tiki Room, Main Street Magic Shop -- none of which had movies directly related at the time). He used the medium at hand for its best purpose, and did not try to force what worked well in one medium to the other if it did not fit. He was creative in both realms, and often independently.
I movie from "it's a small world" would not be a good idea that I can see. (I am prepared to be wrong, depending on what the plot is; but I just don't see it.)