So, I might be able to provide some insight here because this is my commute, I go down CRD Rd to get from Cambridge to Bulfinch on my bicycle to get to work. In my opinion CRD road is not actually that unsafe anymore since they put in the bike lanes, yes there's no physical separation but these are actually quite wide bike lanes that i never see people park in except for a short stretch over the drawbridge.
The huge eater of space here, in my opinion, is actually the museum of science's driveway. They have this loading zone here that is raised eight feet or so up from the road, for some reason, and it is prodigiously wide. It's a very suburban hotel pull-off style thing, it does not need to be that wide, it should probably be exploded and then a proper bike path added. That said, yea you could probably take a traffic lane here if you didn't want to do that. My problem with this project is I cannot imagine any scenario where I would wait at that stupid light, turn right onto the sidewalk and fight traffic that way, and then go down through this path, and then find my way back across Storrow to get where I'm going...
The solution nobody wants to say is that the entire Museum should be redeveloped. Start with the garage, go all the way down with "air rights" projects over the museum until you get to the Alcott in the west end. Prioritize making the buildings porous with a path going beside them with plantings.
Lastly, at 300 million, you could just spend that money to extend the E branch. It's not worth 300 million to add a path for pleasure purposes with marginal transit benefits.