No insider information on this but more speculation from friends I have that cover the park, but more likely you would see them go to one side operations, do a full Titan track conversion, or allow GCI to do some other work.
Without it Hersheypark would have one woodie on Comet without many places or options at add another. They could, if they wanted, push something back against Park Blvrd as much as possible and build in a whole new area to get back there or they risk cutting off what little land they can expand into.
The other more “petty” part would be that taking out Lightning Racer takes out two coasters from their coins meaning having to build two to get back up to their count. They could do something cheap like a ZSpin or SkyrocketII for one of them but I don’t personally think that’s where they would want to go.
The other issue it can create is if Boardwalk were to keep growing, where do you stop cutting out rides? LR wouldn’t be the last thing people would call for being cut to make room. What’s next? The flats? Wild Mouse?
Personally I think long term relocating maintenance and team member offices elsewhere on site, and claiming that land for expanding to two gates. In fact splitting Midway America, Boardwalk, and a new area into a “Hersheypark Shorline Acres” wouldn’t be a bad park branding. Give it all 40’s/50’s Americana vibe. Then if they wanted LR can be relocated to that flat land and Boardwalk expanded.