I don't like the Speedway, but enough kids seem to really like it that I've come to peace with its existence. I wish they would really theme it though. Build the Pagoda, have a dude waving the green or checkered flag, have a giant column with running positions on it, dump milk on you and put a giant ring of roses around your neck when its done (OK, that last one is a bit much). Have big murals of grandstands with people in them around the course. Heck, you could even have Jim Nabors singing Back Home in Indiana and Florence Henderson singing God Bless America on a big screen visible from the queue. From time to time release a hundred balloons or so. Just a few little touches and you have something that is better themed and more fun.
I do LOVE the idea (I don't know/remember who first suggested it) of having IaSW moved to one end of WS. It would fit perfectly. It would free up a fair chunk of space for an attraction or two.