The Iowa DOT has undertaken a comprehensive review of IA 150 between Urbana and Oelwein that would upgrade the highway to Super-2 status. This is similar to what it did for US 63 between US 6 and Hudson. Here’s a direct link to the PDF.
The key part of the study is how to handle the route in Independence. The two-block east-west jog has been there since either the beginning or shortly thereafter. Early documents show a bridge across the Wapsipinicon River to the east, with a new crossing at the site of the present one, but city detail is unavailable.
The two alternatives under consideration are a “box” of one-way streets that would change 1st Street to one-way eastbound and 2nd Street NE to one-way westbound, or retaining 1st Street as two-way but signing that only as northbound 150 and moving southbound 150 a block north to 2nd Street NE.
Elsewhere along the corridor, there are segments noted where passing lanes would be beneficial, in addition to dedicated or extended turn lanes.
(Well, how about that. The Iowa DOT Docs site changed a bit since visiting it last, which admittedly was months ago, for obvious reasons.)