Whether you like it or not - the hat's not going anywhere for two prime reasons.
1) You can find articles out there about how when they built the park - they did intend the "earful" tower to be the symbol of the park...the problem is they didn't follow the "weanie" rule - which is to make something that is visible throughout the park as well as when you enter the park to draw your attention. (Castle, Ball, Tree in the other parks.) That's the primary reason they built the hat. In addition, as PP said, the earful tower was on the outskirts of the park - only visible from the road, or from the backlot tour - as DHS moved from being a "working studio" to being just a theme park - this made more and more sense.
2) I don't remember the details, but I know Disney had problems with the "rights" to the Grauman's Chinese Theater, and I believe they were either "forced" to or "asked" to put something in front of it so that it wouldn't be so prominent.
Quote from Wikipedia (yeah, I know, not a great source): An exact replica of the Chinese Theatre acted as the centerpiece and architectural icon of the Disney's Hollywood Studios at Walt Disney World in Florida from its opening in 1989 until 2001. At that time a giant Sorcerer's Hat was erected in front of the theater, effectively blocking the view of the theater from the street, and replacing it as the park's official icon. This is apparently due to a licensing and copyright disagreement between the theater's current owners and Disney. It is still there, however, and continues to serve as the entrance to the park's centrepiece attraction, The Great Movie Ride. Working from vintage reference material, builders included external decor on this replica that no longer exists on the "real" version in Hollywood.
So, there you go...the hat stays.
SkierPete