I'd like to see the whole area completely cleared (including Buzz saw, which could be relocated elsewhere in the park where there's space for it) and a completely new themed area created.
The theme: Doctor Who (obviously needs applicable licensing from the BBC, but I don't know of anywhere else in Australia Dreamworld would be competing with on that, and Dreanworld already has the BBC tie-in with ABC kids world, so should be possible).
There would be several awesome rides, and various other experiences. One or more of them could be accessed via a Tardis, and after walking and / or riding through various rooms you would exit through the Tardis but in a completely different place, out of sight of the one you entered through (giving the illusion the Tardis moved).
Upon entering you would go downstairs, and a small part of the attraction would be underground.You could then (if necessary) go back upstairs for the main, central part of the attraction, and then downstairs into another underground section for the last part. In this way, both Tardis would appear not to be attached to anything, hence giving the illusion of "bigger on the inside".
This would be something like the Doctor Who experience I've been to in London, and also (much earlier) in Blackpool, England.
There are many possibilities for ride, cinematic, educational, live entertainment, and walk-through components both within the Tardis and elsewhere in the new themed Dr Who section of Dreamworld. Of course there would also be a shop selling Dr Who merchandise, some of which would not be available elsewhere in Australia.
There could even be a Dr Who themed restaurant maybe (although apart from Fish Fingers and Custard I'm not sure what it could sell)!!!
On second thoughts, maybe we'll skip the Fish Fingers and Custard, or at least serve them separately as 2 different menu items, both accompanied by something else!