Turn it in something similar to Memorial Parkway in Huntsville. It is completely access-controlled with exits at major intersections. Minor intersections and businesses are accessed by access roads that are built on both sides of the main road.

There is just enough space in the right-of-way to create a four lane controlled-access highway (with only a jersey barrier as the median) with two-lane access roads on each side. The road does not have to be elevated except when going over major intersections. Some right of way acquisition may be required, but look at the number of closed business and abandoned lots alongside McFarland, it wouldn't be that hard to acquire enough along the entire path from University to the junction with old US Hwy 82.