Well I am really getting intrigued now.....
One poster at WDWMagic.com has an insider he calls Serpico(see old movie cop reference) - per him the last discussion he had with Serpico was:
A) Dinosaur ride rethemed and reworked to Indy ride
B) PW and TS out, and replaced by ONE E level attraction - one option is a water ride!
c) dig pit basically kept, but wiht retheme.
Now, per him, it has been over a month, and things change obviously, but we now have 3 insiders with solid contacts that state this area will get redone, and now Indy looks very much like an option. The main difference seems to be on timings....Martin feels this work will be 5 or more years out, the others seem to think it could be sooner.