I'll keep my comments to generalities, as I've only played Raleigh CC once. But I loved it. It struck me as a course that one could play every day and not tire of playing it, and the conditions were perfect, as McConnell courses almost always are.
I don't know what Franz will do, or even if that has been determined; I assume that McConnell has something particular in mind, or he wouldn't be headed that way. My understanding is that Raleigh CC is where McConnell got started with all of this, and I would imagine that he has a soft spot for the golf course anyway.
Given that, plus the time that Franz has apparently spent in Pinehurst studying the Ross archives, it's hard not to suspect a full-on "restoration" of some sort. Of course, I have zero idea how different Raleigh CC is from the original design.