Examining all apsects of this topic is simply a starting point. Nobody has any idea of what the result will be. For all we know, based on our sports generally good safety record we may already have the best solution in place.
Looking for a re-evaluation of how we do things to make it safer to compete is a worthwhile exercise.
We can question the timing, we can question the costs, but until we do the legwork it is simply an unknown. To assume this will put small tracks out of business or be a worthless endeavor is simply a pessimistic attitude, in my opinion.
Perhaps a different material may be better, perhapss a coating over existing surfaces may be better, perhaps a different structural quality, like breakaway signing, will be better, but inless we examine the possibilities nothing will change.
Until we know more about the concept, any discussions concerning cost, implementation, and improvement are simply opinions without research (in general).
Sometimes it takes a tragedy to kindle the creative fire. Of all the bad stuff in this world a "Medlin" wall that will help save lives would be quite a legacy.
I think until we know more we should exercise some restraint and respect for the people travelling at 300+ mph.