Forgive my crude Microsoft Paint work here. I know this isn't an "Armchair Imagineering" thread and this concept has no basis in reality given what we know is happening within the parks but I think with some clever tree/foliage placement, you could so something special to "enclose" the current Simpsons area.
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Red is attraction space, blue is shopping/dining. Basically the same layout they have currently with an updated theme. My vote would go towards a "Darkmoor Lite". I'm sure that's probably been discussed here before and probably kind of "eye-roll-y" for many to hear again but what can I say, I love the Monsters!

I don't think they should do a Monsters Unchained 1:1 (not that they could if they wanted to and ESPECIALLY with Forbidden Journey a few steps away), but I think they could certainly convert the Simpsons building into an elaborate dark ride of some kind after seeing what they were able to accomplish with Pets. Maybe Orlando's version goes one way into Frankenstein Manor for the experience through the catacombs ride and Hollywood's follows a different path which leads to a dark ride which takes place inside the Manor proper?
Wouldn't need to be perfect, I give Hollywood a lot of leeway when it comes to sightlines and such because it's always been a hodgepodge studio park where sightlines aren't as important to me as the other parks. -and it certainly doesn't need to be Monsters, just about any franchise could utilize this footprint.
It is sort of nuts now far back shows/live entertainment have been scaled when you compare the current park with what was previously offered. Years ago there was like 6-7 shows minimum and now there are.. 3? That's me being super generous and counting the Ollivanders experience as one. I wouldn't be against a well-made show going here but I imagine in today's world it would need to be something super marketable that moves merch. So something like HTTYD would have a way better shot of showing up than another iteration of the Special Effects Stage. Maybe that would be a bit redundant with a Dreamworks-branded theatre so close by? Then again, if it sells, maybe not!