That’s not quite an apples to apples comparison. Urban LRT construction requires concrete track slabs, tight utility constraints, etc. Whereas intercity/regional rail would most likely use ballasted track. There is already a large talent pool working for/contracted by CN and CPKC building/designing tracks for their networks. There would be some overlap in skill sets, but I think the people working on the Valley Line are better suited to urban LRT projects.
Not according to the city. They say tunnelling is still more expensive since they would have to build special reinforced tunnels to mitigate vibrations from the train yard above. Not sure how accurate that assessment is though. Selfishly, I want to see that bridge built because it would become another iconic symbol of the city, and just look so cool from the Yellowhead.