The City of Vancouver would never allow an elevated guideway (the only place an elevated guideway would even be technically possible would be along 16th Ave. west of MacDonald).
I could see cut and cover all the way along 10th Ave to UBC but a couple of issues arise:
=> cut and cover would have a detrimental impact on the businesses along 10th Ave near the UBC gates - BUT those businesses would benefit greatly in the long term if there's a station at (say) Sasamat;
=> the escarpment grade along 10th Ave. seems more manageable for cut and cover than the grade on 16th Ave.;
=> where could you transition to an elevated line once you hit the UEL?
Once you get past Blanca you leave the City of Vancouver and enter Electoral Area B (I think it's "B") - which is governed by the Province - so I could see elevated on the UEL. But the 10th Ave. corridor doesn't provide an easy asthetic elevated option once you pass the UBC gates (although future Musqueum development on the University Golf Course lands could be well served by a station). I could see it underground all the way into the UEL.
Alternatively, you could divert the line to 16th Ave. and elevate the guideway there (either in the middle or along the side of the roadway - it would serve the university's development projects out that way and provide a second stop on campus - but where could you divert the line to 16th (west of the escarpment) without boring?
The only option would be to cut and cover to past Blanca and then have a portal somewhere near the edges of the University Golf Course to divert to 16th Ave. - but my guess is that the Musqueum would want a station near their newly acquired lands - maybe they would allow an elevated line through lands that are currently golf course so as to avoid the built-up areas along University Blvd in approaching the bus loop.
Anyone think they'd ever allow an elevated line to take over East Mall south of the bus loop?
Global Air Photo for reference: