Philharmagic wouldn't fit in the Magic Eye theater. It is far too small for the 180 degree screens. Laugh floor would probably fit though. Unfortunately, neither is a thematic fit for Tomorrowland, and if there is one thing Tomorrowland needs it is more rides about the future and fewer attempts to just fit a ride from some other park in there.
Its important in 3D movie and Michael Jackson history.
Either way, I'd say keep the show for at least the rest of the year as I think it's a waste to make that Captain EO Tribute sign for just a few months.