I agree that it needs some updates, but I think those need to be focused on sound, special effects, and animatronics. I would prefer that the movies mostly be left alone. It's a tribute to Classic movies. The younger generation needs to be introduced to classics so that the classics can continue to be appreciated, just as great works of art, literature, and music.
I am 36 years old and had only seen some of those movies as a kid (raiders, wizard of oz, Mary Poppins, Tarzan), but I've seen all of them since then because I asked my parents about them. Since I showed interest, they made sure I got to see them (except for Alien, which I watched on my own without permission as a child and which scared to poop out of me back then) and I developed an appreciation for the older movies. Not all of them were my cup of tea, but a good many have become beloved, such as Casablanca and Singing in the Rain, and now that I am no longer frightened out of my wits Alien (the original. Not the sequels).
In short, I hope they preserve the classics and just upgrade the ride itself.