I would say the gimmick, like so many others Disney does will work wonderfully. The Lion King is a great movie and re-releasing it, in theaters or not will give parents the opportunity to buy the movie all over again. I don't think 3-D will have much to do with it, but if it's done over the summer, it will help fill the gap in an otherwise lackluster summer.
For me, however, I wouldn't go and see it just because it got converted to 3-D. While I love the movie, and have even gotten a chance to the see the amazing play, the 3-D just does nothing for me.
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