TL:DR - Return To Oz is owned by Disney and it's unlikely you'll bring those characters to Movie World.
If you don't want to read a century long history of the land of oz, skip the rest. If you want to read a page long rambling summary of the even longer Wiki article then settle down and read on...
(Don't complain and say you weren't warned. If I could still use spoiler tags I would have.)
All of the original L Frank Baum stories entered the public domain throughout the 80s and up to 1995, although several other writers have written Oz based works later than that, 27 of them (including Baum) are now public.
There are still 19 different stories released later that are still protected by US copyright, with the last to expire owned by a still-living author, which won't expire until 70 years after they die.
All that said, since the original works are out, so long as you stick to the concepts presented from the originals, you'd be fine, but any imagery from film adaptations that is a trademark of the film may still be subject to protection - which means no Green Wicked Witch, and no Red Ruby Slippers. (it's why Winnie The Pooh can now be used by artists at will, but not if he has a red shirt, which is a disney trademark still protected by law).
The first films for Oz were silent films, all of which entered the public domain by 1954. Imagery from the MGM 1939 film (Judy Garland) was renewed in 1967 for a 95 year term, so won't expire until 2035. The Disney film 'Return To Oz' mentioned above wasn't even the first sequel - as 'Journey Back to Oz' (1974) was an animated sequel loosely adapted from one of Baum's original sequels.
Disney owned all the film rights to Baum's books (except the original Wizard Of Oz). Like many of the current live action films we're seeing produced by the mouse house, the Return to Oz film (1985) was an attempt at extending their rights to the stories by producing further derivative works. It was a critical failure and so they abandoned further Oz films. Disney even used Ruby Slippers - which aren't in the original Baum story, but were a creation of the MGM 1939 Judy Garland version, but by 1985 the Ruby Slippers were so synonymous with the story that they paid MGM for the rights to portray the ruby slippers in their film. Likewise the Wicked Witch of the West is portrayed as a particular shade of green, despite her not being green in the books. (And interesting side note, but I learned just recently that the Margaret Hamilton character was portrayed on an episode of Sesame Street - I think back in the 70s, that aired once to much controversy and was buried by the childrens television workshop, and it has only just recently been released to the public after almost 50 years locked in the vault.)
As for the James Franco 'Oz the great and powerful' (2013) by Disney - it was billed as a 'spiritual prequel' to the original 1900 story and loosely based in the world 20 years before the 1939 film. Disney had no permission from MGM or the rights to use the still-protected works or imagery - so the film retained a copyright expert to ensure that the wicked witch's green was distinctly different from the protected shade used by Margaret Hamilton. The Emerald City had to be distinctly different also.
While WB and Disney didn't directly battle it out over this film, they did file rivalling trademarks to the name 'Oz the Great and Powerful' however the US patent office suspended WB's attempt as Disney had filed a week earlier.
I know. it's tenuous at best but I knew the Disney film was still protected and off-limits to Village for use in the park, but in researching and fact checking this I found a far more interesting story with very complex rules and dates for various different written and film works, and I find this interesting, and thought i'd share it in case others found it interesting. If you did actually read this far - let me know by a reaction to the post!
All that said, clearly the park has licence to the characters in main street, but as we've discovered, IP rights in parks can vary, and roaming characters, and ride themes, and shows can all be very different licences. The copyright on the film adaptations (those for which MOVIE world would likely want to attach) are a little complicated, so I would suggest which characters and what elements are used within the rides and theming would be very carefully curated and controlled.