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To expand futher: The story of the land as a whole will be centered around the anniversary of Princess Ozma's coronation.
Munchkinland/Munchkin Country is going to have some really cool architecture and have a festival/fair atmosphere. Some more intense flats (I think a launch tower that looks like it was built by Munchkins could be really cool looking) than Seuss and possibly a small dark ride that shares a showbuilding with the Emerald City E-ticket. Shops and restaurants there as well. The Yellow Brick road makes up the main path of this area with a pristine red road branching off it to send people toward the Glinda's Palace restaurant and a more run down looking branch of the yellow brick road sending people toward the Winkie Country area. The Poppy Field is a kids' play area (that will likely be a lot smaller than it is in this super rough map).
Emerald City will house the main E-ticket of the island, located in the palace and centered around Dorothy, Toto, the Scarecrow, the Tin Man, and the Cowardly Lion on a journey through Oz to organize Ozma's party. Cameos abound here and I'm picturing a lot of animatronics. Shops and dining really dominate the area. Think Diagon Alley basically.
Winkie Country (also probably smaller than this rough map) will house a thrill ride (coaster?) in (and around? would this be too similar to Hagrid?) the old castle of The Wicked Witch of the West and a theatre housing an abridged hour-long version of Wicked. Universal Japan used to have something like this:
I'm picturing something a bit more fleshed out with a lot of Act 1 of the actual show and some elements of Act 2 worked in.
Oz in the books is dominated by characters and they will absolutely be present here: iconic characters known from the movie like Dorothy, Scarecrow, Tin Man, Lion, the Wizard, and Glinda to beloved characters from the books like Ozma and Scraps the Patchwork Girl.