Great idea. Take one of the only crosstown routes that actually moves traffic efficiently and turn it into a parking lot. Now, a lot of New Urbanism folks will tell you that it's time to change the focus on cars and put it more on pedestrians and cyclists.
But this is lunacy. Don’t just take it from me. Ask people like Tim Hovey, who owns a gym on DeKalb Av and is also a regular bicyclist.