I really like this idea - I wish I knew the forum to promote it. I would add that the controlled-access highways within the loop (US-131, I-96, I-196) should be converted to slower, limited-access highways with more access points to help reduce congestion at the existing ramps.
As a resident, property tax payer and income tax payer in Grand Rapids, I would prefer my tax dollars fund more transit infrastructure and service, not less. Lets make more efficient use of those bus lanes. There should also be congestion pricing for single-occupancy vehicles (including driverless) to help manage the congestion. Better biking infrastructure also encourages an alternative to single-occupancy (motorized) vehicles. I would gladly pay a smaller amount of that extra income from an improving economy on public services that help reduce congestion rather than pay a larger amount on an extra vehicle that I shouldn't need.
The Michigan Street corridor is too stressful for a casual rider like me. The future improvements to Lyon would be welcome. A greenway/bikepath along the railway would help people in the corridor get to the future GFS grocery store at Diamond Place. A bike/cart/wheelchair escalator up to Belknap Lookout combined with a low stress network down Newberry/Sixth St. would be really helpful for getting to the Bridge Street Market. I would gladly welcome more bike traffic through my neighborhood.