According to the Commercial Appeal, some Shelby Farms people want a 45 mph speed limit on the new, realigned Walnut Grove. The current speed limit is 55, and the new route would be free of traffic signals, suggesting that a limit of 45 is highly unlikely to be obeyed or, given Memphians' general level of respect for speed limits, even enforceable.
Furthermore, it's exactly the wrong plan for Walnut Grove. What's really needed is a full freeway between I-240 and the future Collierville-Arlington Parkway (TN 385), to relieve traffic on Germantown Parkway and keep the Cordova area from becoming one giant traffic jam.
More of this rant appears in misc.transport.road.