If the Governator wants it - it will probably get done. Isn't he up for re-election this year? Gee, what a coincidence.
The revenues from the facility would probably amortize the tax exempt debt very nicely. Some public authority could probably own it and lease it to SU. Unless, there is something quirky about NYS I am unfamiliar with, I don't see the financial math as undo-able.
I certainly like TexanMark's thinking of 44,444 seats (not benches - seats). I don't see the need for more than that capacity.
Since I am coming from 600 miles away, I don't have a preference for location. You all know better than I where the best place for it would be. I would only say that if there is a location that would draw more fans, offer a unified tailgate location, help the community in some other ways it would have my support.
Student don't support the program as they used to (nationwide trend by the way), so I don't think that should be a deal killer. SU can figure out how to get them there if they want to attend; many other school have to deal with this issue.
I would guess that they would tear the dome down and use the space for academic buildings.
Here's the deal though - a retractable dome would be pretty special and the buzz alone would help recruiting for a some time at least.