I’ve talked about this in the Epic Universe expansion thread (where I still think it’s more applicable): any Oz/Wicked land is going to predominantly be Emerald City. Every place that you could, would want to visit in Oz is accessible from the Emerald City. The universally recognizable set piece is the Emerald City with the Wizard’s Tower, and a hot air balloon (in the Emerald City).
If (big big if I don’t necessarily see) Wicked is coming to Lost Continent, you likely just getting a ride. That’s it. But, that ride will go through important regions of Oz that apply to both Wizard of Oz and Wicked—Muchkinland and Winkie Country/Kiamo Ko—plus a slight detour to Shiz.
Even with Harry Potter, Universal saw fit to build its lands around city/towns near the school… not the actual school.