First thing I would do with the C-Train is put its tracks underground downtown. 7th ave could then be devoted to bicycle traffic. The the 202 (which is currently the city centre/whitehorn line) would continue west undergound and stop underground where it would serve the Greyhound station and the neighboring comunity of Sunalta.
From there the 202 would remain underground (or perhapse run above ground along bow trail) and climb to Westbrook mall, stopping there and serving the area (where parking lots should be filled in with low cost apartment houseing). The 202 should then turn south serveing Glenmorgan and termonating at Mount Royal College. This way, all major post secondary educational institutions in the city would be served.
Going north, the 202 should continue to the airport where a High speed rail link to Edmonton should be built under ground. At this north station passengers could easilly transfer between high speed rail, LRT, and air travel, with Greyhound service a conveint LRT ride away through down town.
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There is talk of a Plan "b". ...but it has nothing to do with moving people around.