I would absolutely be for demolishing the ride and making the building larger, taller, wider and overall a more grand coaster experience.
And if that's too out of budget, then just extensively upgrade the existing ride with amazing effects. Make it so that what it lacks in ride time, it makes up for it in an overload of dazzling state of the art effects.
Add better animatronics and projection mapping in the first dark ride scenes, add some "fire" fog blasts into the air in the treasure room to mimic the fire blasts in the Orlando treasure room, improve the graphics of Ihmotep with a less cartoony sand face, and heck, steal a page out of the new Mara effect in Indiana Jones and have a giant physical sarcophagus face transform into a 3D mapped Ihmotep face, maybe add some "falling treasure" effects (physical or projected) when Ihmotep gets mad, obviously update the scarab beatle projections to be less cartoony, and add projections of Mummies chasing the vehicles similar to the projection effects in Space Mountain Ghost Galaxy, add some cool fog blasts DURING the coaster segment like in Orlando, make the interior of the coaster Soundstage look more like we're riding through a temple or rocky tomb, etc, and create an absolutely spectacular new "explosive" version of the original ending, similar to the project mapped fog explosion on Big Thunder, as well as using a new 4K projection on the mini dome in the final room and have a cool new eclipse finale.
That way, even if it's short, it will make the guests want to ride it time after time to experience the really cool effects.