Maelstrom needed more ride system work, but still, the point stands. If they are just reskinning AAs, changing set dressings, and doing the exterior work, I guess it’s possible.
Honestly, because we still have Tokyo's expansive version, I wasn't 'devastated' to lose Splash, given that a PaTF reskinning of scenes with modern flourishes could still make for an excellent ride, and especially an improvement over DL's Splash.
I'm not confident, though, given the random, convoluted, boardroom-directed theme, that this won't end up evolving into a serious downgrade on both coasts. It does not seem to have any relation to the film, including a complete sidestepping of Friends on the Other Side and one of the best villains Disney has, making this ride likely to have zero tonal conflict.
But this hurts more at MK, given that it was basically the park's only headliner. By comparison, DL's weaker iteration was secondary in scale to rides like Indiana Jones Adventure, the spectacular original Pirates of the Caribbean, and Rise of the Resistance blunting the loss.
I'll withhold judgment and eat my words if it turns out great, but it's shocking how they'd get rid of one of their best rides ever built and then make it dead on arrival due to the direction of the project.
But what if they make another princess ride like FEA and keep it giggles and sparkles? Building dread may not play well with that crowd.
I know which way I think they went
I think it comes down to who the target audience is for this
Any media, be it films, shows, books, or rides that have 'sensory and happiness overload' comes across as childish, lazy, and trite, unfortunately.
FEA is also shorter, smaller in scope, and not a thrill ride, so I don't think FEA is a disaster given the demographics attracted to it (intentionally to be different than EPCOT), but Splash? A turbulent flume ride? Ludicrous.