Honestly if they were going to go to those extremes they would be better off buying a brand new ride, which would likely last much longer. I am sure if Dreamworld really wanted to, they could get Vekoma to build a brand new model of the ride. Would be interesting to ride the Wipeout with the same OTSR's that the new Vekoma coasters have, but really the restraint system they have already is a very efficient design that would save considerable loading time for example if they had to have seat belts installed if they got new seats.
I can see them maybe replacing the Hydraulics and Motors on the ride, and i'd be very disappointed if they didn't give the ride a new paint job and a refresh of the surrounding area. But I honestly think that replacing the whole gondola with new seats MIGHT be a little bit too ambitious for them to undertake. I mean hell, it might happen but I have my doubts on it. As far as the ride program, honestly the cycle that the ride runs 90% of the time is not that bad as it is, maybe a few more flips here and there but yeah.