I would like to see HFH survive and be refurbished, but I agree that it would require a complete gut renovation in order to be done right, which might mean a new building is the better option from a cost and logistics perspective.
Has the Tute finished paying off ECAV? New arenas are incredibly expensive. While Q opened a building with separate 3,000+ seat hockey and basketball wings about 15 years ago for $52M, more recent projects are well beyond that. UConn and Sacred Heart opened 3,000 seat (UConn a little under and SHU a bit over) arenas last year at about $75M each. Unless school finances have improved post-Shirley I think we will see another modest renovation. With the building's old bones I suspect a gut and rebuild would cost as much as a new rink.