The Francis Frith picture APPEARS to be taken on Horseshoe Lane as you approach the Sanny Lane (formerly Elm Lane) entrance to the School. There are houses there which date back to that time - Willscote for example which was used as the house for younger boys.
In all my research I have never seen references from the school to College Road or any variances thereof. Horseshoe Lane (which runs from the Common past the front of the School) was a track until tarmac was laid around 1906 - we have a letter from a pupil who recalls falling into the wet tar on arrival at the school; incidentally, he calls it Horseshoe Lane.
It seems that if, for a period, part of this road was known, formally or informally, as College Road then it would be quite easy to check where it ran as many of the houses remain with, I believe, the same names they have had for a long time.