"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.
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.
Avoiding situations like this.
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.