The only way to do it really is to elevate the railway over the road.
Sticking the road under will affect too many side roads, especially the Nexans (Olex) cable factory and the bus bay at the station. Road-over is even worse.
Why? The Maroondah Hwy at this point is 50m wide - from curb to curb. Incredibly wide. At the moment on the east side it has a 4 lane section of main road, flanked on each side by narrow reservations, a row of parallel car parking, a service lane equal to two further lanes, and then angle parking.
There is plenty of room for a four lane (two each way) bridge or underpass. The existing service lanes provide access to the abutting properties - including the factory. The service lanes are easily wide enough for two way traffic, or you could keep them as one way with connecting links under the bridge at the railway end.
You'd have to sit firmly on VicRoads as I am sure they'd want a six lane bridge on general principles.
The locals would probably object strongly, but it would be a long way the cheapest solution. There is only the factory and industrial shops on the west side of the line and only a small section of shops on the east would be affected - and they'd be about 20 metres from the ramps anyway.