Over time phase out replication in programs and personnel and drop any non-essential or unviable majors. Find a place to put faculty from those areas so they don't lose their jobs, but make them be productive.
Definitely keep nursing. Having a Nursing School would be a HUGE benefit to MSU. It is a huge draw at Auburn and at AUM, and my friends in that field tell me it is almost recession proof. I know a guy who drives to Atlanta on Thursday afternoons, works all weekend, comes home Sunday night and makes more money than he could make working 8-5 at the local hospital, and the ATL hospital puts him in a hotel for the weekend. Ditch the associates degree though and only offer the BSN. Definitely find a way to keep unique programs like Culinary Arts and Music Therapy, even if it means those students have to drive to Columbus for some of their classes.
One of the challenges in this might be the physical campus. The W has a ton of buildings on the National Register of Historic Places, which makes tearing them down difficult.
There are MANY challenges associated with this, but as an MSU grad if we can merge the two and gain things like Nursing, the Welty name, their education department, and culinary arts, I think we HAVE to figure out a way to make it work.