Honestly, it would pretty much just be a longer 7x7 event. Not something we really need.
Skewb could be interesting, though. Apparently some people are pretty good at it.
About keeping the magics results on peoples profiles, I am against this idea. If one of the reasons we are removing magics is because of concerns regarding the accuracy of the judging (past, present and future) then why should the past (and possibly inaccurate) results be displayed?
As for 8x8 there is absolutely no need, it would add nothing but a big headache for scramblers.
8x8 is too large of a cube to hold. If I were to do 7x7 officially right now I would be top-100, I can barely Sub-9 on 8x8. There would only be a hundred or so people that would have an official solve. I say that Skewb would be a good replacement, takes up as much time as pyraminx does, and Andrew Kang loves them.
Now for the part about removing magics. Will magics be held at Worlds? If so will it be kinda off to the side or just not happen at all? I guess I've been around magics enough to give an opinion on them, I think that it brings a draw on people that may want to become cubers some day. But for the time its just useless data that the WCA has to put on a computer some where.
Magics are just too hard to judge. I posted a solve on here a few months ago and it sparked a flame war about whether the solve was good or not. Sure you could film every ones solves but analyzing the data would take ages. Master Magic is no different I have seen bad stops with both magic and master magic there is no way getting around this.
For where the times go, I just say hide them. Its not an event anymore, then it doesn't matter.
I'm going to be sad to see this one go, but it makes sense. While I really do like magic and master magic, it really does come down to flipping your hands in the same way over and over and over.
Practicing is really boring. You end up trying to find ways to make it more exciting. (related: i think i might have the uwr for ohitabld magic. has anyone beaten 26.43? ...probably, yeah)
Also, apparently a lot of people want new events to be held now. Really? We just got rid of magic, so now we need to fill up a void? Even if you're not thinking like that, we still have 17 other events, and that's enough as it is for the moment. They might come in later, but not at this very moment.