I absolutely love love the original Tiki Room some of my earliest memories of Walt Disney World is of that show. I do agree that it needed some love, some modernization I think would have done wonders in my opinion.
I despise the 'Under New Management' version however. It's a monstrosity in my opinion, they took an original unique attraction and just slapped some annoying current characters into it and called it a day. Evey trip I think it can't be as bad as I remember and I decide to give it a try sometimes I just listen to the barker bird in the queue and then make a quick exit once I get in the theatre, sometimes I make it all the way into the theatre and walk out when I realize it really is as horible as I remember. Maybe I'd hate it less if I got to hear the entire Tiki Room song once through but those few bars they give us aren't enough.
I can't wait until I move to Arizona next year and can drive over to Disneyland and finally get to see the beauty of the original version without awful Iago and Zazu