I would take this rumor with a grain of salt right now. First of all, Disney is notorious for leaking out projects such as Cars Land and Star Wars Land and then famously changing around the plans so many times that your head will spin. Where is Avatar Land at this point and time?
Until the bulldozers start coming through don't fret. Now, if the bulldozers do start coming through and SOA is destined to become a piece of Disney history then I'd figure that the Osborne Lights will be moved somewhere on property and hopefully remain somewhere within the DHS gates. This is where they've resided for their entire existence and I think it would be a shame to move them to another park or to the "Springs". I would have thought that if Disney wanted to get rid of the lights they would have done so when a portion of the old backlot was leveled to make room for the ultimate disappointment that became LMA. To spend all that money to relocate them, add to them, and invest in the LED and synchro music technology doesn't make sense that they would get rid of them.
I tend to disagree with one of the PPs who said that the lights don't generate any revenue for Disney. They most assuredly do. I fully believe more people visit DHS over the holidays for the specific reason to see the lights. They really are a must see. The last time I checked you still needed to pay in order to get in to see them, and thus they are generating revenue for Disney.