AP is ready for this, and I agree. However, it needs to keep with the lumberjack theme to fit with the lumberjack area on that side of the park. I'm afraid that area is getting lost with some of the newer additions of WF and PK. Knott's Berry Farm has revamped their flume, and it looks great on YouTube; on the drop, the audio even blares a hardy, "Fire in the Hole".
Even so, I think SDC could be a little more creative and add more humor to a brand new flume. I don't think it was ever themed to lumbering in the past, though. I liked the unique "daredevils doing things together" theme in AP's prime, but a new ride could certainly hit on other themes, as well. I could see Ozark Adventurers being a theme in there. Or a Momo-type bigfoot adventure. There are lots of directions a new AP could go, and while it is/was a classic SDC ride, it has regressed to the point that most of us would be all right with a change. The same is not true of FitH or FM.