If they actually went all out with the Grand Expo and made it look like this:
or this:
Then a ferris wheel in GE might look OK, if also themed accordingly. Then again, if they're going to spend that much money theming any part of the park, GE is lower down on my list.
Getting back to CC though, now that the long-feared drop off in attendance due to the economy has finally started, what are the chances any of their potential plans for the site are going to be happening anytime soon? I'm guessing slim to none. When they closed the park in 2008 I distinctly remember hearing that they wanted to have something in the works on the site by this time at the latest, but it seems like everything is going to be in limbo until the economy improves. That may end up meaning that they will ultimately scrap any grand schemes for the property and sell the whole thing piecemeal instead, as it will simply take too long otherwise.