No problem with it. Just yield to pedestrians, and use extreme care at intersections (at a minimum, slow to walking speed and check both ways).

Also, perhaps I'm looking at the wrong spot, but google maps is giving me a 'suggested' on-road/MUP bicycle route across Franconia and Van Dorn: http://goo.gl/maps/WkH3 - it winds through the neighborhoods just west of Van Dorn.