I agree with just about everything you said but actually it was 2006 when SFKK failed. Jay got the park on financial target like you said, but that was for the 2007 season when Deluge was added and the whole water park went under a crappy renovations and renamed SplashWater Kingdom. But then the accident happened that year and Jay got relocated to SFMM and all future plans for the KK was scratchcard. At a Job fair I attended in January 2007, Jay Thomas did hint to us employees at that time that there were plans for the NW territory of the park (Twisted Twin, Mile High Falls) in the next season (2008) because that area had been decaying several years prior. I heard the old dragster ride area in the NW Territory was going to receive a Thomas Town/Wiggles World, but...like I said, future plans were scratched after the accident. In 2008, that section was closed like you said...and basically you said all the rest
I remember hearing rumors on screamscape during that year the Ed Hart was trying to get the park back but Six Flags was not interested in selling the park because his offer was low. Either way, 5 years is too long but 5 years is worth the wait for Ed's Magic.