In the original Disneyland layouts, one item that was always present and prominent in the designs was Captain Hook's Pirate Ship. In fact, except for Sleeping Beauty Castle, it was the most central icon built in the park, immediately viewable upon entering the castle courtyard. From aerial views it appears near dead center.
I don't think that was an accident. It's heavly symbolic to the core theme of Disneyland. As soon as you entered Fantasyland, it was there to greet you. Just as if you were Mr. Darling in "Peter Pan," getting in touch with his spirit of youth. This is one of Walt Disney's favorite themes and reflects on his own upbringing as well.
George's glimpse of the Pirate Ship at the end of "Peter Pan" resulted in one of the most resonant lines in a Disney film: "You know, I have the strangest feeling I've seen that ship before. A long time ago, when I was very young."
The ship served that symbolic, subconscious function and I believe that is one reason it is so missed by those of a certain age. Visually, it was almost as important as the castle from a thematic plan standpoint, and should never have been moved from the central point.
For that reason alone, and tuna jokes aside, it should be rebuilt.