Making a Mountain out of a Molehill
Python 2, 509 495 480 bytes

def f(S):
 B='\\';F='/';s=''.join(map(max,*S.split('\n')));t=list(re.sub(r'..((./\\[^\\])|([^/]/\\.))..',r'////\\\\\\\\',s));C=s.count;D=t.count;d=C(F)-D(F)+D(B)-C(B);m=[{'_':F,B:'_'},{'_':B,F:'_'}][d&lt;0];d=abs(d);i=1
 while d:
&#9;if s[i]!=t[i]:i+=7
&#9;elif t[i]in m:d-=1;t[i]=m[t[i]]
&#9;i+=1
 return'\n'.join(u for u in map(''.join,zip(*[u.ljust(2*len(S))for u in reduce(lambda (a,p),c:(a+[' '*[p,p-1][c==B]+c],p+[[0,-1][c==B],1][c==F]),t,([],len(t)))[0]]))[::-1]if u.strip())
import re

Try it online!
Still not clear what the actual rules are; but here are the additional constraints that are enforced above and beyond the rule that molehills shall be turned into mountains:

The first and last terrain characters of the output must be _, just as they must be for valid inputs.
The vertical difference between the first _ and the last _ must be maintained between the input and output.
After substitutions from turning molehills into mountains, some other characters might need to be changed in order to maintain said vertical difference; but the characters changed must not be any of the characters that are part of mountains that were created from molehills.
And when accomplishing these changes, the number of additional characters changed must be minimal.

Ungolfed Algorithm:
def f(s):
    s = ''.join(map(max,*s.split('\n'))) # flatten into a single line
    t = re.sub(r'..((./\\[^\\])|([^/]/\\.))..',r'////\\\\\\\\',s) # replace molehills with mountains
    d = s.count('/')-t.count('/')+t.count('\\')-s.count('\\') # are the two strings equally balanced?
    m=[{'_':'/','\\':'_'},{'_':'\\','/':'_'}][d&lt;0] # make an appropriate mapping...
    d=abs(d);i=1 # skip over leading '_'...
    while d: # while still unbalanced...
        if s[i]!=t[i]:i+=7 # skip over any created mountains (7+1==8)
        elif t[i] in m:d-=1;t = t[:i]+m[t[i]]+t[i+1:] # if can replace, do replace
        i += 1 # next char
    t = reduce(lambda (a,p),c:(a+[' '*[p,p-1][c=='\\']+c],p+[[0,-1][c=='\\'],1][c=='/']),t,([],len(t)))[0]  # pad spaces at left side
    t = map(''.join,zip(*[u.ljust(max(map(len,t))) for u in t])) # rotate
    return '\n'.join(u for u in t[::-1] if u.strip()) # reverse and join into lines.
import re