They could always freshen up the houses and retheme TTF to just TT and then say "The Circus has come to Toon Town!". :shrug:
Could be why we haven't heard what is replacing TTF/the old Dumbo location.
I for one wouldn't mind if the houses stayed and the tents got a nice sprucing up. I've never had any issues with TT, and don't see why it can't be incorporated into the FLE.....