Keep:
Tatsu
Scream (but landscape it)
X (but only if they can fix it so it runs two trains at all times)
Goliath
Colossus
Riddler's Revenge
Logjammer (with a rehab and touched-up landscaping)
Grand Carousel
Then tear out everything else in the park. Seriously. Give me a new kids' area, with a Vekoma Junior Coaster as its centerpiece, plus a Wiggles show and a family indoor/outdoor water dark ride (think 'Small World,' but with better music). Throw in a couple spinners and a train ride, too.
For the bigger kids (and grown-ups), give us a Spider-Man/DarKastle-grade 3-D dark ride, a second, themed flume ride, a Bluto-type tub ride and a year-'round Haunted House attraction. Oh, and a stunt show and musical show, too. Do fireworks every night.
Plant trees and flowers all over the place, so there's much more shade and more pleasant foilage. Go with the coolest pavement solution you can find. Put misters every few yards where there is unshaded pavement. Finally, hire a chef to run a high-quality table service restaurant and install a family restaurant with an animatronic show in the new kids' lands.
Oh, and flood the place with DC characters and any other 'toons you can license.
Then watch the money flow in....
Hey, the theme park industry's competitive. Ya gotta spend money to make it. Which, ultimately, is what Six Flags needs to unload assets, to raise the capital to keep its other parks fresh. (Or, more accurately, to ease the debt burden to free up opportunities to borrow more capital to keep the parks fresh.)
If you're gonna dream pipe dreams, I say ya might as well dream big. :-)
Not a bad move at all. Actually if this happens, it's been a long time coming. Flashback hasn't worked for years, and Psyclone is a rather unpopular ride. Perhaps in the right hands, Psyclone could have a new life with some structural improvements. It's time that Magic Mountain shed some of the excess coaster weight and invest in other attractions.