Currently I'm in a situation where I was originally working with an university to develop a course while being in industry, but I left the industry job. I'm not sure how to approach the conversation with the university. On one hand I would like to develop the course and teach it, but the university is a teaching oriented one (while I'm interested in research). Would it be better to work out a deal with them that I'll be an adjunct on the class and see how I get compensated for also developing a course? Or should I go in as an assistant professor and see how it goes (even though I think I wouldn't stay there for more than 2-3 years, and I would also pursue research with outside academia)?
Adjunct compensation (in the US) is very low. Don't do it for the money unless you are desperate. The comment of sessej about competition can't be ignored, but you aren't locked in to a lifetime if you "try it out".
However, you will, in a regular position, take on responsibilities to the students and your colleagues that you must honor as long as you hold the position. It would be unethical to withdraw or simply not do the job if you find after a few weeks or months that you made a mistake. But once the term of the contract is over, you should be free to choose differently than you did earlier.
In some situations, a department might even prefer a candidate who would only stay for a while. If enrollments are expected to drop in a few years, for example or if they think they can find a better credentialed or experienced candidate. But most would likely prefer someone really committed to the profession. It would be difficult, however, for you to learn that in advance without prejudicing a decision about hiring you.
Note that the overall responsibilities of adjuncts and regular faculty are normally quite different. While you are expected, as an adjunct, to give your own students good advice, you probably won't be asked to be a formal advisor of anyone. Likewise it would be unlikely that you would be chosen as a thesis advisor as an adjunct. The other side of the coin is that you won't have committee meetings to deal with, though that means you have little voice in academic governance.
Your inclusion in research, however, would more likely depend on finding someone to work with and developing a relationship. Likely your existing skills will help with that, depending on the field.