In terms of a ride re theme, here's what I would like to see (not that it would ever happen though).
The ride entrance remains the same as now but refreshed with the queueline based around an oriental garden. The station will be themed around a giant temple or pagoda. Once the boats leave the station, there will be new bits of theming like samurai s and dragons.
The first lift hill will be themed with a rock face and the tunnel it enters will be themed as a cave. Once the ride reaches the 2nd lift, it will enter a giant dragon mouth at the top. The top section will be mostly/completely indoors with rocks beneath the lift (again).
Once the ride reaches the drop, it will either emerge from another dragon head or go under an arch to deliver some great interaction both off and on ride. After splashing, the ride will return to the station like it does.
There could also be a light story of riders finding a lost mysterious dragon to save a Chinese town (or something) but few ever returning.