I'm surprised the Pete's Dragon float lasted that long. It's currently 41 years old. I think the only way you can translate some Disney animals characters into a park character would have to take the Pluto approach. Believe me, I seen the way some of the Lady and the Tramp characters looked when I seen the Disneyland 10th Anniversary special from 1965. Boy has Disney come a long way with their character costume designs since then.Pete's Dragon has been a staple of Electrical Parades for decades despite many not knowing the film, or the remake being a big hit.
Some things, like dragons, just translate well to giant floats. Canine features (101 Dalmatians, Lady and the Tramp, etc) not so much. I'd like Disney to focus on creating dynamic looking sets first instead of picking the same 5 movies and shoving them into every entertainment context.