The idea of using the Alumni House is excellent. One I had considered for a Thesis project, but I decided to go big as you already know.
I did a studio project years ago that looked at using the grounds for a conference center, those ideas would support the conference and office suite you mentioned. A practice facility could definitely be incorporated into the site. It's interesting idea, one i might work on in my spare time.
The downside is of course the same as any UWM building project: the general unwillingness to think/support ideas outside of the box (See the Union example), and the apathetic mindset of settling for mediocrity. We will continue to miss opportunities so long as the Director of UAP stays at his post.