Given the insignificance of SR-5 north of its junction with US-11 at Woodstock, I don't quite understand why it isn't truncated there, then perhaps giving the route between Jasper and US-278 a different route number (perhaps a northern extension of SR-269). At the same time, at least in my mind, it would make sense to extended the SR-118 designation along "Old 78" between Jasper and Graysville. Either that, or return US-78 to its original route...but I don't think that is going to happen.
Or...for a far-fetched, makes no sense idea, extend US-280 northward from I-20/59 along Carraway Boulevard with US-31 to Finley Boulevard (unsigned AL-378), then west to Bankhead Highway where it would share a concurrency with US-78 to Graysville, then route 280 from there to Jasper along the former route of 78, then continue along the what is now SR-5 where it would terminate at US-278.