I don't like any idea that requires the Metro Line to follow the Yellowhead. It requires even more construction and costs to the Yellowhead project, and there is already no space for an LRT. The highway is already squished thin between the CN railyard and the Beechmount Cemetery, and you want to slap the LRT right within it? Not a chance. You either have to cram it in the 6 metre wide median, which results in a major design problem when you want the LRT to go from the west/east of the YHT to the north/south of 97 Street, (97 Street is already a proper interchange, and I'm sure no one would be too happy to, again, add even more construction and costs to the Yellowhead project) or you can put the Metro Line on the north elevation of The YHT to make the turn easier. This will still require land from either side of the highway, and the reasons for the CN railyard being unwilling to give some land to help with the bridge will be the same for if the Metro Line follows the YHT.
Of course, there's the somewhat obvious argument that Edmonton made mistakes years ago when they design the Metro Line so that it's too far from 97 Street. Unfortunately, unless you want to rip up the Metro Line and realign it, this is just something we have to live with. Call it sunk cost fallacy, but I do genuinely believe that a bridge over the CN railyard is the most and only feasible option here.