Star Tours was the first attraction I ever experienced at WDW, and is still my favorite to this day.
I don't believe that the ride needs "updating" per se, but I deo believe that a makover of the gift shop is in order - I have always hated the "back stage" motif Disney used on it when they made it over for the release of the prequel trilogy. And for years I have thought that, since there are 4 speeders, addtional destinations could easily be added to the original Endor flight, which would infuse an older attraction with new life at a fraction of the cost of building a new attraction.
However, I still love the fabulous Ewok village, the unbelievable queue areas, and the ride itself. The only things I would change are the ride exit (it's a rather bland white corridor with a few Star Tours advertisement posters on the walls), and the hideous gift shop.