The Rice Lake US 53 bypass was opened in 1977. But the constructed bypass was not the same as it was proposed to be 11 years earlier. According to a newspaper clipping, with a date of July 1966, the bypass was proposed to go more through town, and to the east of the lake. At this time I do not know the reasons this proposal was not chosen, but I presume there was opposition to it coming so close to the lake, and that it may have destroyed some homes. Another question to ponder is if the US 53 freeway would have been routed to the east of CTH SS (Old 53) all the way to Cameron, and included an eastern Cameron bypass.
Newspaper clipping from July 26, 1966. US 53 shown is now CTH SS
USGS Topo Map dated July 1, 1980
Sources: Wisconsin State Highways, by Chris Bessert; Terraserver