Related to your points:
1) While Lamar is seen as "take anyone," they actually are decently selective, and the dropouts are people who couldn't hack it, or life got in the way.
2) If the university is buying frat/sorority houses, what's the guarantee the chapters are going to buy them off the university? Colleges usually don't own Greek Organization housing- the chapter does and they decide who can live here. Also, what Greek societies don't have a house and want one? Housing is pretty affordable around the LU campus.
3) So, where are you wanting the school to build a new stadium? I'll tell you that I am closer to "tree hugger" than "drill baby, drill" and I think it makes a nice and unique backdrop for the university, given how Lamar grew up with the evolution of the petrochem industry.
4) I'd be all for having freshmen live on campus, but they'd need to fundraise to have more money for students to be able to afford it. Lamar doesn't have a glut of housing for those additional students to live on campus so you're talking about housing for hundreds more students to make it logistically feasible.
5) Scholarship money, in general, is needed. Too many schools are creating programs to help lower-income students for Lamar to not step up and do the same. If providing more opportunities for current students is the roadblock in the way of becoming, for example, a Sun Belt school again, the focus needs to be on building up what already there before expanding the offerings on the field, so to speak.