I don't know. I rode it for the first time in a few trips recently, and was surprised at how well it still "played". I could totally see it being refurbed and it being spectacular. The animatronics in it are still very well done, and the movies are fairly timeless. Sure, the ending could be updated, but I think it works well still.
I also could point my finger at quite a few attractions around all of the parks that could probably use it much more. Nearly every attraction in Future World, Stitch, Dinosaur, Kali, and half of DHS as well could use the money more wisely. Heck, I'd rather see them invest in a boatload of TNT for the hat that is blocking the view of The Great Movie Ride.
Still, it comes down to the point that any attraction in which a film plays a heavy role has nearly NO reason that it can't be updated often. How many budding filmmakers are there in the Disney corporation? I understand that for rides that utilize the technology, effects and ride-motions come into play as well, but at this point, it should be as easy as programming the movements rather than switching out entire swaths of technology. There is NO reason AT ALL that the films in places like Norway, France, and the end of The Great Movie Ride couldn't be updated and swapped out annually. None. Well, one. Management thinks it's not worth the $.
Ugh... The management...