This is a long one. I've got one section about Shockwave being an Intamin and another about the floorless conversion. Makes it easier than having to read through a whole essay.
Intamin or B&M
It's an Intamin coaster but I think it should count as a B&M. The only coasters Intamin were manufacturing at the time were wooden coasters, they hired Walter and Claude from B&M (which had been founded in 1988) to design and manufacture both the Z-force model and Stand-up model as Intamin's first steel coaster models.
In 1992, Walter and Claude no longer designed and manufactured coasters under Intamin. They designed coasters under their own company, giving B&M it's rise to power in the mid-1990's. Regarding Shockwave, it's involvement with Walter and Claude is unclear. The stand-up model is the one Walter and Claude designed for Intamin, not the one they improved for B&M. The designer for Shockwave as well was not Walter and Claude, but Wernef Stengel instead, who designed a lot of coasters for Intamin and Schwarzkopf. With Wernef as the designer and Intamin supplying the track, Shockwave is technically a Intamin.
I should say that Shockwave was built in 1994 but was part of a two-year expansion between 93 and 94, it's possible that Shockwave was planned in 1992 or potentially before so it's a possibility that Walter and Claude were in some way involved. Despite that, Walter and Claude were the designers for the coaster model (Track, trains, elements, chain lift, brakes) which is why I see it more as a B&M than an Intamin.
Floorless Conversion
So only three stand-up coasters have had this treatment, each getting new trains, new colour scheme and new theming as well as a name change. On the positives, it could become a better ride experience, being less painful than a stand-up coaster. I think a fresh, new paintover and re-theme would also really benefit the coaster, though the name change is up to them, I don't have any ideas and I quite like the name Shockwave, it oddly fits in with the 'storm' theme. It would bring in a lot of people for an attraction that doesn't cost as much as a new coaster but could be marketed as one.
On the negatives, I say it could become a better ride experience because there is no guarantee. Patriot at California's Great America, a conversion of Vortex, is touted as a much better ride experience that's smoother and a much-needed change whereas Firebird at Six Flags America, a conversion of Apocalypse Coaster, is regarded as a better ride than it was as a stand-up but still a rather poor coaster due to it's old track as well as some people saying the train has a rattle to it. With a coaster like Shockwave, it's impossible to tell. Another point is the coaster's novelty, it's the only stand-up in Europe as well as the last stand-up by Intamin in the world. A floorless conversion would remove both of those titles which I'm not so sure Drayton Manor is willing to do.
This bit is complete fantasy and my wild imagination, if they had more than enough funds, I'd love to see them take down Shockwave and get B&M to build a new floorless coaster with a stronger, smoother layout, something short but impactful like Hydra and Hair Raiser, go with the old light blue track, light brown supports, retitle the coaster as Shockwave as well as give the station and line the theming it deserves.
I just realised I wrote a whole essay so if you read it all I appreciate it and hope this post helps out.