Unfortunately, the new Sarcee\1 interchange will have a traffic light to access 34th Ave. But the TCH following Sarcee/Glenmore (renumbered as 1) would still be better. Has that ever been considered?
Technically, Sarcee Trail-WB 16 Ave traffic would avoid the light, but point taken. IMO, there should have been a 2 lane flyover constructed connecting NB Sarcee Trail to WB 16 Ave. I think with the focus shifted to the future West Ring Road (Stoney Trail between Glenmore Trail & 16 Ave NW), maybe that explains it.
I don't think Glenmore Trail has been studied as an alternate alignment since the 1960s; one major challenge is the the Glenmore Reservoir is a drinking water source, so Class 6 Dangerous Goods are prohibited over the Glenmore Causeway. Saying that, I'm curious how Class 6 Dangerous Goods will be handled where Tsuut'ina Trail (Hwy 201) crosses the Elbow River upstream from the reservoir. If TCH 1 was realigned, Stoney Trail could function as the bypass.
Other alignments were proposed, from a cancelled freeway a few blocks north of the current alignment in the 1960s, to an alignment that would follow Hwys 901 & 22X from Gliechen to Calgary and the follow the south and west perimeters - the latter being cancelled as it was too much of a bypass. A good read is
https://calgaryringroad.wordpress.com/2013/01/24/the-trans-canada-highway-and-the-ring-road/.