While a Dive Coaster would be an odd choice for Cedar Point, it would probably be quite popular with the general public. It's different from any other coaster at the park and there isn't anything like it in the Midwest. My only experience with one was Griffon, but I thought that ride was excellent (it's in my top 25 steel). If the car rides were removed as well, you could probably fit a Sheikra clone in that space, which would be a good size for the coaster, but given the stated price I'm guessing it would need to be a bit smaller than that (though probably not as small as Krake).
I'm now curious as to which Cedar Fair parks will get the coasters next year. I've been thinking that Canada's Wonderland would get the big coaster and one of the second tier Cedar Fair parks would get a smaller coaster, but if Cedar Point gets a Dive Coaster it seems unlikely Canada's Wonderland would get a big coaster as well (although it has happened before). In any case, neither of those parks really seem like they need a new coaster at this time (Kings Dominion, Worlds of Fun, and to a lesser extent Dorney Park seem like they could benefit most from one).
Top 5 Steel: Bizarro (SFNE), Nitro, Apollo's Chariot, Maverick, Banshee
Top 5 Wood: Boulder Dash, El Toro, Thunderhead, Gold Striker, Lightning Racer
Top 3 Parks: Holiday World, Busch Gardens Williamsburg, Cedar Point
TPR Trips: IntimidaTour 2010, North East Trip 2011, LeviaTHON 2012, Mini Tours 2014 (New Hotness & East Coast)