Equilibria
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That is also an excellent interim step before considering the Green Line spur on the Needham half and the Orange Line on the Boston-proper half. A lot's got to get sorted out first before Green could ever go there...CBTC signaling being the top one to enable the headways, and probably the D-to-E connector being the other for rush hour management. And Green has to get built before the arguably higher-priority Orange to Rozzie/W. Rox because Needham's no better equipped to survive on the awful 59 bus alone than it was during the CR-less 80's, and would most definitely launch the lawsuit nukes if they got severed. A TV Place/128 CR stop would be a cheapie value-enhancer and route-primer that probably helps the light rail conversion case 20 years down the road. It's a much better near-term option than pissing the ROW away entirely for another rail trail (the bicycle lobby is already descending like vultures to pave it over).
I tend to like your route-priming schemes, but I still have issues with the intra-Needham usage of this line and I don't think adding a Park-and-Ride at TV Place primes the line for that use at all. I do agree that Riverside-128 is a long way, but where are the people coming from to use these things? They have to be entering 128 from a major route inbound, and there already is a Park-and-Ride location at both the Pike and I-95, so a station in Needham wouldn't really serve any inbound drivers but those from Needham and Wellesley coming down Highland Ave, and they have stations in their towns that have parking. That location simply doesn't have outside-128 drivers heading inbound that won't pass Riverside, Dedham Corporate or 128 first. The only reason to build there would be to relieve Riverside, but that can be accomplished at Bear Hill while also picking up US-20 and Waltham corporate traffic.
I just think that Highland Ave/Needham St. as a neighborhood-scale walkable commercial corridor with parallel light rail is too good an opportunity to pass up, particularly as the towns prepare to reinvent the corridor over the next 10 years. The problem, as I've said before, is that it seems not to have occurred to anyone in Needham and it isn't sellable in Newton if it only goes to TV Place (since Upper Falls technically already has GL access at Eliot). The bike trail plan has been proposed to accommodate a parallel LRT track in the future (like the Purple Line and Capital Crescent Trail in the DC suburbs), but neither idea has been overwhelmingly popular. The "bike lobby" you speak of seems to just be 1 outdoorsman with a dream...