Personally I do love Splash, but I think they can do some amazing work with Princess, and the story of Princess and the Frog shares some nicely matched beats with scenes from the ride (lots of dancing animals, big production numbers, and a clear cut villain to keep some drama).
I'll just say this. I'm not sure if this will or won't actually come to fruition, especially in any timely manner, given Disney's current slate of projects, and their history of quietly canceling projects even after announcing them. I just cannot shake the feeling their announcement feels little hollow...like a corporation changing their logo to rainbow colors just for Pride month, then switching back immediately and ignoring that group until the next year