Yes I think it could house a themed zone, if you look at the area of it on Google Earth, it is 17600 sq metres, and X Sector is 17900, so based on area alone, yes it could easily house a couple of coasters, flat rides and food/drink & games.
Hmm, I have one thought on the matter that if it would mean a new themed zone for SW9 then it would have some ramifications for Galactica too.
Looking at it on google maps, I'm stunned at the large size of the area and it got me thinking that if/when SW9 is built in the area then this might likely see FV split in two with Galactica becoming part of this new area and this actually would finally solve it's placement in the area once and for all IMO. After coming up with the Discovery Port concept for TWODW that everyone seemed to like, time to put another plan forward.
If they were to theme the area to something akin to Lost Continent at Islands of Adventure which when you compare it's theme to that of Air's original planned oasis theme for the ride then they aren't exactly far off and if you are thinking ahead then yes, not only does Air return to replace Galactica (doubt anyone would miss the latter) but maybe if Merlin were willing to splash out the cash (unlikely) then we'd see that original plan finally be realised.
The idea of the area I'd go for is that this new area is in fact the last remaining safe area that managed to avoid being turned into FV by Nemesis' rampage and thus this new area would be what the area would be before and would in some ways expand on the lore of the area. They did that with NST explaining more of the story for Nemesis so why not for an themed zone? If you excuse me to go off a brief tangent before I go back into SW9, as a kid I always thought that Nemesis and Air existed as a Yin and Yang theme in which the former is evil and the latter is good unless I'm getting the wrong end of it but nonetheless the idea of Air acting as a spirt that protects the land from Nemesis from taking over that area of the park could be an idea to give the ride something of a story and that the metal station building and perhaps the Rollercoaster Restaurant could have both their exteriors themed to that of a rockface structure and palm tress in the area in which the idea of flying through over the rocks and various scenery interaction sounds quite tempting. And yes, that damn tunnel in which I think you all know what to say here...
Anyway back on topic, if this area was actually to be part for SW9 then not only would the queue and entrance for Air have to be moved but that final helix section would finally be in a good place for onlookers to watch the ride go by, currently only seen by those in the queue, and maybe even go as far to add some more scenery in that area to make it look nice (by the way am I the only one who feels that while the track colour is nice, the supports could be painted in a dark shade of blue to make the ride look more 'relaxing and friendly'?)
For SW9, I would harbour a hunch that a MACK water coaster could be plonked in that area which may sound like a boring suggestion but honestly does make some sense in which it would appeal to the family audience which is something Merlin are keen to cash in on plus, as much as I would love more than anything to see an indoor coaster on the park, I will admit that Towers does need a new water ride since Flume is no longer with us and this would surely fill in that gap. Only problem is would such a ride be something Merlin would like to brag about 'world's first etc' malarkey. Other than marketing it as the UK's first water coaster, I'm not sure what else could be done that they could try and make it sound interesting but all in all with such a large area to play with, the possibilities in what can be done can be tempted that would be for the first time we see an area on the park that's not a retheme but something built from scratch from Merlin.
I've rambled on enough but I had to write this out before I forgot about it, after the Discovery Port idea I revived, why not revive the original oasis theme to show that old ideas will always make a return one way or the other?
