"Re-design' options have already been the subject of the longest thread on this site.
This recorded a couple of crashes the day after Princes Street re-opened with tram tracks in place.
Yesterday there was the 'training session' which seems to have attracted many people who post here!
I went down and took some photos. My main conclusion is that safety would be greatly improved if there was an Advance Stop Line at the Waverley Bridge junction.
This is where there should be an ASL.
Making it easier to get ahead of buses.
Avoiding situations like this.
Simples.
All photos taken in a five minute period.
Of course if this was 'on the Continent' there would be special traffic lights to allow cyclists to get a head start.