only 2 things wrong, the rest is great.
A side by side dragstrip will require guard rails that are $17 a foot-used.
Any involvement withthe FAA will restrict it for use for aircraft only. Even if it is only listed as an emergency runway the FAA can restrict it's use.
If the FAA has anything to do with it, keep your head down.
First, Randall is not a Vegetarian!
Second, they already have 2 good run ways where they can even land a 747 so no problem on the "emergency" part.
Third, from looking at a few pieces of complete Slab, the Runway is THIN. No more than 4 to 6 inches from what I saw. Remember, they were only using this place to train "Glider" Pilots and no glider I know (Except for the one the Germans made and later put engines on weight) that much! SO we are not starting out with a great base!
One thought that most people are against is repairing the Launch area and then Black Topping the rest of the surface (Which is still not cheap either)
Like you said, we need an expert to first give us all of the Options (Which may or may not already been done) and then do what we can with the Money available.
Me personally, I think the best repair would be to have a slicer take out about 1 foot on each side of the worst Joints and then put Plastic down and steel Grid work and fill the entire section with a good grade Concrete doing a few Section at a time or as money permits! AT least this way, the Runways would be under a steady improvement as opposed to steady decline.