I know it's a little off the subject, but a couple of people mentioned, on this board, that Tarzan isn't popular. I know it may SEEM like that because of the terrible reviews it got, but there are still many chances when a show gets bad reviews, or doesn't win many Tony's, and yet it is still very popular. Wicked, for example, didn't win many Tony's, and is still very popular on Broadway. There is a chance that The Little Mermaid: The Musical, may not win many Tonys (which I doubt) but it would still be awesome on Broadway. Just... don't say something negative about a show until you've seen it.
Now, back ON subject:
I LOVE Voyage of the Little Mermaid, but if they brought it down, they should do some extreme amounts of reconstruction to the show, and put on a brand new performance. With the technology we have, now, Ursula could be improved, and the stage could be made bigger, etc. etc. I love some of the effects they have now, with the fog and lasers, so I would want those to stay, but I think if they gave us an even better show, then kids would really love it.
The problem with trying to turn it into the Tokyo DisneySea show, might be the fact that they would encounter the issue of it being too Broadwayesque. The Disney broadway shows are beautiful, but almost too beautiful for what kids will recognize as their favorite characters. That's why Beauty and the Beast, in MGM, still has those gaudy big puppets, and the Beast doesn't have amazing make-up. It's also why most of the shadow-costuming of the Finding Nemo cast is very simple. It's so they don't have to spend all day getting in and out of make-up just so they can do one or two shows a day.
Now I'm not saying that DisneySea has those problems, necessarily, but I will say that sometimes, giving a park its own original show makes it just that: Original.