Yes i have been thinking about doing it like you show on your screenshot, it is a nice way to work around the problem. And i guess you would be able to have a model that cover the raised ground, if one would need that.. (:
I have this exact same problem! And i haven't been able to find anyone that know anything about it, yet i can see that there are a number of assets on the workshop that have solved this. So someone most know how.. I believe the problem with the missing ability to build elevated Station tracks is that it does not have a bridge or elevated model like the regular track and is therefore locked at ground level. Sadly.