To the north, you're only getting Red going in the Arlington direction. You'd have to blow up Alewife to get to the Fitchburg ROW (*and* get past Belmont NIMBYs to get to anywhere worthwhile).
I want to play. Crazy-pitch incoming. Alewife is a crap location in the middle of a floodplain, and just causes more congestion.
If you're going to spend $Billion$ on the Red line, you don't stop there at all, since it would require a lot of tight turns to get back to high-density locations. You head out of Davis straight to Mass Ave and Arlington, with 3 stops on Mass Ave , and end with a giant garage here along Rte 2 without many neighbors and already a state-owned location: https://goo.gl/maps/WmACgyS1FU5Y5ktG8
The Alewife stop gets transitioned into a Commuter/Regional Rail destination. That garage is a structural disaster already and will have to get torn down soon anyway, so that's not the hurdle. Rte 2 traffic gets smoothed out, rail service isn't duplicated, and high-density areas are better covered.