Wicked needs to happen, 100%, doesn't matter which park they add it to.
Oz: Emerald City with fantastic dining and shops, then a dark corner of the land with a Wicked Witch ride. Then a munchkin land area of the land with a kiddie ride. Based on the books which are now public domain and also pulling characters from Wicked.
The Wizard of Oz is more popular than ever with the 4D movie show at Sphere Las Vegas on track to be a permanent show (in between concert residencies) on track to earn $100 billion. I realize this is not owned by Universal but there is so much overlap that it will be mutually beneficial with constant promotion and continued popularity.
This is Universal's answer to Disney Princesses, and nobody doubts the success of Princesses and castles down the street at the competition.