I say yes. It needs a bypass around Morris, Yorkville and Elburn, and Grundy County has funding in place for a study to widen 47 from Morris to Dwight. I think this could be done.
Should 47 ever be widened to Dwight - I can see this, but in the far future- that would make the IL 47 corridor a great far western Chicago bypass, which it should be.
I am not aware that "Grundy County" currently has any study money for a state highway, IL 47 or otherwise. The last time the county started a study of a state highway, it was the Brisbin Road/I-80 interchange, and IDOT took it over when it became too big for the county to handle. Do you have a link or any other evidence?
FYI, before the Illinois River bridge at Morris was widened, the FHWA was adamant that the logical south terminus of the project should be IL 113, which would have pushed the 4-lane widening a third of the way to Dwight. IDOT talked them out of it and it was truncated at Southmor Road. With ADT approaching 10,000 in that stretch, maybe the FHWA should have prevailed.