I hope the rumor is true, IMO The Super Manege isn't the worst coaster in the park considering how much Le Monstre sucks with its PTC trains, but its area looks very depressing and the coaster itself is in a desperate need of a coat of paint, which I think will never happen. Considering La Ronde improved the surroundings of every new ride they added in the recent years, a new attraction replacing this coaster - whatever it is - plus a bit of new concrete and paint would be great.
There used to be a waterpark at La Ronde in the 90's (before Six Flags bought the park), but it has been gone for more than 20 years. I'm not sure why it was removed (a little bit of research would probably give you the answer) but I would guess the venture wasn't worth it considering there are at least 3 other water parks within a 1 hour drive from La Ronde.
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Did the water park occupy the land that Le Vampire and (formerly) Cobra are on?
Yes it did