I really would like to see the backlot tour stay, but become a special effects tour. My proposal would be to keep the water show, but update it completely maybe to be a pirates of the Caribbean stunt/special effects show instead of the old Pearl Harbor show its themed around now.
Then move on to the tour. Instead of being a "working backlot" however we would move past 3 different show scenes. You'd keep catastrophe canyon, but create two more along the route. I'm not certain exactly what those special effects shows should be but I'm certain the bright people at WDI could come up with something grand.
Then loop back around and point out the LMA stunt show as another special effects show that can be seen, then drop us off at the AFI show but add a bunch of kiosks where we can play around with creating our own special effects.
It still wouldn't be anywhere near the backlot tour it was when the park opened, but it would be an attraction worth riding again. Its a shame that this attraction has been given the shaft that it has. It was always one of my greatest memories from visiting MGM years ago, and I hate to see it in the state it is though.