i'm in the camp that says "leave the thing alone!" It's great and is the ONLY thing in the entire park that acknowledges that it all started with a mouse. It shows Mickey at his most primitive state and nobody who comes to Disneyland should have that option taken away from them. Nobody.
Who cares if the shorts don't have sound? They're still hilarious anyway. (Yah, remember when Mickey Mouse was funny?).
It's sad what happened to Magic Kingdom's cinema. I'm glad that ours is still a working cinema!