At the current point i can see the merit of this. But my opinion at this point of time is, the complain against cyclists in general will still continue, calls for cycling bans etc all will cont citing reasons like cyclists more vulnerable etc, even when fully regulated. Becuz the crux of issue for both sides remains unsolved - We are not gracious enough to share the road and accommodate each other willingly. There's always a reason to want to get the other party ''off '' to the sides.
But that's another big can of worms i can assure other road users will NOT want to open.