Happily, it is now being reported that the California Coastal Commission has recommended approval of the park's plan for the coaster development. It's also mentioned that the ride will only be around 30 feet tall - which makes sense due to the park's height restrictions and its launched nature. It also cannot be painted all white, or any bright colors.
The Commission will again discuss the ride at a meeting February 11th. Sea World San Diego is quoted as saying that an official announcement from the park will be made next week - so we'll be sure to watch for all the details!