I've thought the same thing lately. At first I thought a LRT rail line would start in the same place, where you have it bordering Fair Park. But I think a commuter rail line (something like DCTA) would work better in this area. It would connect many existing transit lines to each other while also providing express service to downtown.
Here's a map I created. Not saying your ideas are bad; this is just another one. I don't know technically which would have more ridership at a lower cost.