I don't think Cedar Fair would try anything like this. The only thing I would hope for is some business would open up some nice restaurants, bars, whatever on the mainland. I for one would venture in one of these establishments and would be all for it. The only problem I see is that from 3am-10pm there will be no business.
WDW and CP are hard to compare. CP at the most is a 2-3 day stay. What people do during the day is go in the park, and I doubt they would spend their time outside of the park to do some of these things.
WDW is a 3-7 day stay. They have tons of other things to offer like golf, other sporting activities, Shows outside the parks (The Polynesian Luau :) ) and of course the activities that we want like shopping and restaurants. I highly doubt CP could ever build itself up to a multi-demetional stay like WDW.
You go to Put-In-Bay on the otherhand to shop, eat, drive golf carts and get hammered (in that order), not to ride coasters. From 9-am to 10pm, those places still do good business, where as a place around CP may not
If someone could open up some places and make them profitable, Id be there :)