They certainly seem hellbent on doing it. Some years ago (less than 10, more than 5?), the board of trustees had all but decided to move all high-schoolers to the Northfield building and all junior-high/middle-schoolers to the Southwood building. Only problem was, they basically made the deal in secret (I'm sure they avoided any problems with the Sunlight laws somehow), and when folks found out they were left with angry constituents and parents pulling their kids out of MSDWC. That plan was scrapped and finances seemed to magically improve over the course of the next few years, until things got to this point again. The building of a new high school, instead of putting everyone at NF, is seen as a way to somehow pacify the southern end of the district, IMHO. Sort of like the deal southern Huntington County was sold when they consolidated the entire county. Ever wonder why it's called Huntington North when there's no Huntington South?! The big difference is, as I see it, that Huntington has a very accessible bypass around town which everyone south of the school can easily use. There is no such easy way around Wabash, plus there's three major rivers in the district to get over. There's only so many crossing points for student drivers and school buses.
I'm not physically close enough now to the district to know what the odds are of it passing. Referendums don't tend to make it in rural settings, and most of the people I know still there would tend to vote no, but they probably don't represent an accurate cross section of potential voters and parents. There's a fairly busy and heated Facebook group out there associated with the question, which was started a while back when the topic of consolidating all three high schools (NF, SW & WA) reared its ugly head once again. That came shortly after Wabash City Schools failed to get they referendum to pass by voters. Seemingly, Wabash is also on better financial footing, probably due to the general prosperity everybody felt pre-COVID, but the double whammy of COVID fatigue and generational inflation has got these smaller districts looking for answers.
The problem is pretty simple: There's just fewer students overall in the county than there were in the '50s and '60s, when consolidation was all the rage. Back then, Wabash City Schools probably had no intention of ever teaming up with the various township schools. Taxes and funding were much different. Wabash still had a fairly vibrant manufacturing base, and Metro was formed pretty much of all rural schools. Now, lots of factors have changed, and the new funding formula has staved off complete disaster for the dwindling tax base in town, but a majority of people, like me, still cling to their respective identities at the three high schools (four, if you include Manchester) -- no matter how much all sides probably, desperately need to come together.