Yeah, I always thought the Shockwave rumours were a bit weird - it's still quite a major crowd puller (not really nationally, but there are a hell of a lot of people who live locally to the park in the West Midlands who absolutely love it). Well, the recent revamp of the ride puts these rumours to death anyway I think. Also, it was designed with the Rapids in mind, so taking it out wouldn't actually give them that much space really.
Just found a better picture of the 'site', the other one was more of a birds eye view so you couldn't see the extent of it...
There is an access road going right through the middle of it, but it could be easily spited as it runs parallel to another road (the one guests use to get to the car park) and they could easily start using that instead.
I was always under the impression that they didn't want to use the field Ian was talking about - they use it for the fireworks, and also in the summer they often have a circus tent and stuff on it. It's basically their only available bit of land to put random stuff on (especially since they recently paved over the large overflow car park field). Obviously if they did mention it, they must've been considering it at some point.
I do think next to Shockwave would be better though. It would probably be easier to get planning permission being right next to a large coaster, plus, the shape of the area would fit a medium sized launched coaster or something quite well.
Time will tell!