Absolutely beautiful. As somebody who has been riding Dragon Falls from a very young age and would never want it to be changed, if that actually happened to the ride I would be overjoyed. It is tremendous, retains the charm of the original and is not excessive in any way.
The colours are perfect, as well. The whole thing creates a wonderful, full atmosphere that people can escape to.
Also, you are quite right to change the rock faces. I remember they always looked odd (fibreglass structures always do), though I grew to like the rather nobbly style anyway. It's something I also tried to change when I did my drawings (going for a more pillared shape), but you have shown you don't always need to clad everything in fake rock to make it interesting.
The only thing I would change is the creaking bridge, since a perception effects like that will becoming unconvincing with boats passing through every 10 seconds (especially since it can be viewed from the path), but it's a bit of fun at least, and I like the way you have dressed that drop. The various water features are subtle and lush, and the architecture genuinely quite enlightening to look at.
What a wonderful imagination!