It appears attractions such as Mickey's PhilarMagic, Snow White's Scary Adventures, It's a Small World, The Many Adventures of Winnie the Pooh and Mad Tea Party will stay in their current locations but Dumbo the Flying Elephant could be relocated.
You will notice the numerous character meet-n-greets, a new 'Be Our Guest' table service restaurant and 'Gaston's Tavern' and dueling Dumbo rides with an interactive queue sandwiched in-between. Based on these plans, it looks like Toon Town will be no more.
While there is absolutely no reason to think the finished product (assuming the project is green-lit officially) will look anything like these plans, it is interesting to ponder the possibilities.
Thanks Greg for sharing this with us!