I highly doubt that the park would have put it in the Abbey Stone Theatre, since that is arguably their premier theater (and especially was at the time). Castle O’Sullivan sounds more likely to me since The Enchanted Laboratory was already long overdue for a replacement, and the theater itself isn’t very practical for anything more than a one person show. Also, I believe Secrets of Castle O’Sullivan was already conceptualized somewhere around the time of that copyright date, so the park might have decided that it was the cheaper option, and would have fit Ireland better, anyway.
Given that, my guess is that this is the ride they would have done if they decided to revamp Hastings, rather than convert it to Ireland. I’ve heard that the park looked at several underperforming areas at that time, and kept looking back at Hastings, so some type of change there was probably eminent.
I’m sure I would have loved this ride, but I think the park made the right decision (look at my username) to get the most bang for their buck. This ride probably would have deteriorated pretty quickly, anyway, and with Ireland we have a whole area of endless possibilities, versus one major attraction to anchor a hamlet that was otherwise losing appeal. I suppose it’s possible that other parts of Hastings would have received a revamp as well, but this attraction makes that look unlikely, budget-wise.