Even if I agree with most of that, I don't think keeping the road wide and using the outside area a bike lanes will work. People are going to see a wide road and drive fast anyway. I suspect you'd have to actually narrow the road, not just reallocate the concrete. But TD;DR maybe that was covered and I'm wrong.
Anecdotally, in Vancouver we have narrow lanes in the city, with many streets having all kinds of bike lanes along their sides – both shared and separated. It works quite well, especially the separated ones.
Narrow lanes surely do decrease average driving speed, it's damn uncomfortable to drive fast in traffic, and staying in the lane requires more concentration. I do miss wide Russian lanes sometimes, but the narrow ones are undeniably safer.
