Overall, I think this general strategy is the smarter move. …though it could be an engineering nightmare to build (if the geometry even makes that possible).
For example, @orulz and I tried to draw out (see here and here) possible ways to implement exclusive transit right-of-ways around the Glenwood/440 interchange a long time ago. But we ran into the same problem as the actual Crabtree connection study on steroids; it might make the challenges of running the New Bern BRT downtown look like a piece of cake.
I guess this also depends on how the Midtown Area Plan comes to life, too. But it’d be cool to see it happen, once the first phases of BRT get built.