I like this idea, especially tieing in RnRC for a sort of miniland. I had a similar idea of converting that area into a miniland but themed to Muppets. Tower of Terror becomes a Muppet hotel and their shenanigans cause the elevator to go haywire, RnRC gets rethemed from Aerosmith to Dr. Teeth and the Electric Mayhem. The cars show could also get repurposed either into a new MuppetVision 3D or use that area for a Muppet darkride.
I think this is what will likely happen. Cheapest option as they wouldn't have to change much, just removing the Twilight Zone aspect of the name from signs and redo the preshow video for the most part. Overall the biggest change would be the 5th dimension floor needing to be redon, but should be easy to gut and wouldn't mind a new show scene there. Could film new scenes for the ride and preshow alongside the movie too to save some money on updates. I really like the ride as is so would be fine keeping it with the spooky HTH theme.