All it would take would be the political will. Menino was famously against all street running light rail. This could be done, though I'm sure the congestion it would add to Park St would be a major issue.
I thought part of the problem is more we have a terrible archaic signal system than physical capacity of the tunnel. Though I don't object to a new tunnel, but I would imagine if a new signal system would be cheaper if it does play a role in the capacity of the Central Tunnel.