I thought about it since the Mailboomer Paradise Pier why not put it in a lighthouse at the same spot and maybe re theme it a little to fit it(remove 1 or 2 tower hide the metal).But heck it's only an idea.
If they wanted to keep it a tower, they should create something new and a vehicle bring you to the top and then have your car slide down a chute that wraps around the tower. Think Freefall mixed with the old Bamboo Slide ideas. Fun, themed to an old peir, and not an attraction that is found in every modern park.
They could also relocate the Carousel there to open up space where it currently sits. With the Carousel moved, a structure could be built into the sand pit in the middle of Screamin' housing a darkirde (trackless bumper car adventure idea). They could also leave the Carousel where it is and try and squeeze a darkride into the Maliboomer area (a slightly more difficult task.)
There are a ton of possibilities. Heck, they could even move the Zephyer into the Maliboomer area. Sure, it would ruin the effect of being over the water, but it would meet much less wind issues there, and all of the Pier-like attractions would be grouped to one half the lagoon, helping to differentiate the Amuesment Park feel of PP from the other areas around the lagoon.
Women, they make the highs higher and the lows more frequent.