I'm watching with interest for follow-ups to your question. My parents have a similar situation in their front yard (even the busy street!). I suggested bluebonnets (we're in TX), but my mom looked at me like I was crazy. Not sure why.

You might want to post this same question on the perennials forum, I'm sure they will be more than helpful with ideas and plant suggestions.... on this forum people would likely fill it with way too many bulbs! lol

The type of planting you are refering to is sometimes called 'hell strip' planting, because of the 'hell' plants have to go through with drought and car doors and salt and dogs etc... try googling that and you'll find even more info.

Keep in mind there are sometimes restrictions on what you can do and plant since oftentimes it's town owned. Height restrictions are probably the most important that comes to mind since tall plants may block visibility at intersections, being able to get in and out of a car park alongside the road is another.... but as for the rest I can't think of any other major ones and I'm kinda the person who would plant first and worry later.

Here is a link that might be useful: article on hell strip plantings