I reckon they probably could bring it back these days now that the studios have a bit of history behind them and some real movies and TV shows of interest have been filmed there. They could also use some of that space at the back of the studios that's currently used as a dumping ground for a couple show scenes (Think Catastrophe Canyon or any of the many show stops on the Universal studio tour). Couple things to keep in mind though: It won't be cheap, the studios aren't much to look at, and the area would need a pretty substantial makeover to be fit for the public, as well as the need for interesting displays to look at along the way. Also, unlike most studio parks, Movie World's customers are mostly locals, and these type of attractions, while being great staples for studio parks, aren't hugely re-ride able. Movie World's would have to be. That would require making it either the most epic studio tour ever ($$$) or changing things regularly (logistically difficult). It would also have an adverse effect on the daily running of the studio. In reality, there would need to be a way for the trams to get around without being in the way of any production not matter which combination of Sound Stages were in use. At the moment, that's probably not true.
I'd love to see it back, it would make a great family attraction for the park, but it's not quite as easy as "Get some trams, get people on and drive around". There would be a lot required to make it 'work' as an attraction. Hopefully one day they'll have a serious think about it.