Yes, but my understanding is that the ride that was shelved was not WRE-like. I personally wasn't devastated to see it shelved. This would be more exciting.
Yes, I seem to recall the scuttlebutt was that the proposed ride that was considered in the past was a higher thrill level rapids type ride. If a WRE variant is on the table, it would like be more like a classic Disney calm family ride. Considering the tech now available for such an experience (e.g. the Shanghai POTC ride tech), there's great potential to put a great spin on Marc Davis' classic idea.