I see no point in having custom fabrication done just to keep the ride as is. It can be rebuilt from the ground up while paying homage to the original. If it wasn't for the interlocking loops, I doubt anyone would care. A single rail that follows just about the same path and eliminates the 2nd lift hill would be fantastic while throwing in something extra as well.
In today's modern coaster era and corporate management devolving the value prop of this jewel of a park down to somewhere between the coaster-wars era CP or any of the 3 SF parks that SF corporate actually cares about, it's also conceivable they may go a similar route though I highly doubt they'd do a single rail using a similar layout.
Honestly, I'd highly doubt they'd attempt to recreate the layout if they were to ever attempt such a thing with a different ride type.
But like I stated above, this ride is the core of all BGW coasters (and arguably all attractions in general). It was the first custom coaster built for the park, I believe also holding a height record the year it opened. It still is good as a transitional coaster for young ones and those generally frightened of coasters. And, IMO, you just can't reasonably remove it or attempt to replace it without eroding the soul of the park - not to mention the actual erosion problems in the RPA buffer the park would have to contend with which will likely dramatically add lead time and potentially considerable expense to whatever they would decide to do.