Johnhan76 -
I am a consulting geotechnical engineer in Greenville, SC, and used to work a lot in the Myrtle Beach, Charleston, and Beaufort areas. As far as undercutting the fine sand within the roadway - it can be done by digging deep ditches along the edges of the roadway - just ask Burroughs & Chapin Developers - they did this to a lot of former wetland areas (behind the Corps' eyes, of course). These deep ditches can often lower the water table temporarily so excavation of the fine sand can proceed. If you're still stuck on this idea, consult a geotech to see how much you can draw down the water table.
As far as I'm concerned, I wouldn't cut the fine sand out, but would raise grades everywhere. The one caveat to this is %fines in the clean sand - if the %fines is over 25%, then you should cut to a 'cleaner sand seam, but not more than 18". Excess fines in subgrade sands caused US 501 in Conway to be the roller coaster that it is. Clean sand fill is cheap on the coast, so try to use as much as you can. If you choose to use an open-graded stone to reduce capillary rise, be prepared to open your wallet, as stone has to be railed or trucked in. After putting 2' of clean sand fill, I would cap off with 6" of clay-sand (SCDOT specs in Section 3 of blue book), then 6" of Section 305A Macadam. DO NOT USE THE COQUINA/SHELL BASE COURSE.
For the residences, make sure that you remove as much clayey material as you can from the footprints and install clean sand fill, making sure that the base of footing excavations is at least 3' above the water table. Based on what I've seen down there, I would bet that the houses will be monolithic slabs or stem-wall foundations (footings w/ a poured slab interior). Differential settlements due to clay lenses above the water table can be deadly down there.
A geotech consultant for the coastal area that is very good is Soil Consultants, Inc. of Charleston and Myrtle Beach.