If it gets the seal of approval from the Council and the green light is given, I personally feel we should build a new family stand where the Lookers used to be. If that happens it could be built in a reasonable timescale.
For example, Hibernian knocked down their East Stand in January 2010 and rebuilt a completely new stand that held a capacity of 6'400 prior to the new season starting in August 2010. I believe it cost close to £4 million to build and that was including cost to knock down the old East Stand. 7 months to build, impressive.
This means that if Latics get the ball rolling, realistically it shouldn't take any longer than 6-9 months to build a brand spanking new main stand with all the fancy bits inside including offices, changing rooms and a club shop. If the cost isn't ridiculous there should be money left over, so I say with that get rid of the current main stand and rebuild a small, all-standing stand in its place that holds a few thousand of us there. I know if it was all-standing it would make all the hardcores (do we have any?!) happy as they cannot bare to sit down for any longer than 10 seconds or so.
Here is a clip of Hibernian's East Stand being built from start to finish if any of you are interested...