The turf is a very good idea. Granted the 3 times I've been to Sewanee to see a game it has rained (or poured) each and every time, but that facility looked a little tired. Turf will really help as every time I've seen that surface it has looked worse for wear, and I've been there early in the season when W&L is in town. I can't imagine what it looked like by November.
I'd agree about the addition of field turf... it's been a struggle to keep the field in any sort of decent condition even with the school putting some effort into it over the past few years (should have seen it back when I was an undergraduate in the early '80s).
I would say it's important to keep in mind that adding lights not only allows other teams to play at night, but also to practice at night. Depending on how your school does its intramural program, it may also have some benefits there as well.
Pat also raises a good point too, tho' our IM program has a separate set of fields. Will be a big help for both the men and women's LAX teams during the Spring as I think it will get them to using the main field for more games rather than having to do a bunch of games on the IM fields.
I'm hoping that we'll put some more time and money into the football field once we get the renovations finished over at our baseball field. There's been a lot of work put into McGee Field the past 2-3 years and it looks a lot better. However, a lot of the infrastructure needs a bunch of work.... which I think is a line-item on the plans backing our next capital campaign.