Elevating the railway would be astronomically expensive. There are at-grade crossings to the right of the webcam and the recently opened Amtrak station is not far to the left. NCDOT prepared an estimate of elevating the railway -- which is state-owned, remember -- throughout all of downtown Durham, the so-called "Great Wall of Durham" project, but the City asked that the project not be pursued. The line carries a substantial amount of freight, and NS is not keen on a hump.
They are actually planning a split grade separation (raise the rails a bit, lower the roads a bit) at Magnum and Blackwell, which will also increase the clearance at the nearby Roxboro Street to the standard 14'6". IMO while they are at it, they should extend the project west to:
1. Include a split grade separation at Duke Street like the ones at Mangum and Blackwell
2. Raise the substandard clearance at Gregson and Chapel Hill streets
3. Double track the railroad
4. Rebuild the platform as a high-level island with gauntlet tracks accessed by a below-grade pedestrian tunnel.