This new stadium bill is coming together and I think something like the stadium footprint image is very possible. There’s a lot more land in that area than most people consider and this shows that there is plenty of space for a stadium (the outlined field is roughly the width of the current stadium and the length exceeds bleacher to bleacher).
The Natatorium is currently being remodeled with money from IU and the city, which includes revamping the streets in the area. There’s probably some ways to combine the projects to create some efficiencies. From my experience, the current street between the two facilities does not get much use and could probably go away as there is another street East of the Nat that could be used to access NIFS. There’s even room for more parking to the West of the stadium and a nice entrance plaza.