From Mesa to the 4 Peaks turnoff is safe both ways. Past that, going towards Payson is OK but coming back is sketchy at best. Going with traffic on the sections without shoulders is suicide. You will be hit. Against or with traffic if you get hit you'll be dead. Against traffic I guess you'll be more dead ? If I had to choose I'd pick the shoulder and go pretty slow even pulling off depending on traffic.

I personally wouldn't do either option coming back. I've ridden to Payson but not back.