It's a big change for a central city space, it's important for pedestrian and public transport (with a n.
Definitely, it is an ambitious plan new traffic situation for all the citizens.
Do you think it can effectively accommodate all transport modes? I think that a new bus network in the zone may be implemented. But I don't know the bus network and the incidence in it.
Would this work in your city?
It was a similar project in León in the last part of the past decade, the tramway line will generate a new central space, the change proposed is to reform that:

In the new central space for the tramway, losing the actual concept of bus stop for urban and metropolitan bus lines:
The new space will be like that:

The tramway works stopped in 2011, and today only a little part of the project is workig.
Have you had similar public participation processes for major projects in your city? How have they worked out? What do you think of them?
During SUMP development there a little participation process, but indeed is not a common rule in the city.