Yep, it works out surprisingly well! Not that I'd send a novice cyclist down that way, but it's nothing like you'd expect. Sometimes drivers are going faster than you, in which case traffic is light enough for them to dash from red light to red light faster than the green wave you'll be riding, and light enough for them to easily swap lanes. Sometimes it's too busy for drivers to easily pass you, in which case they'll be going slow enough to hold you up instead. I wouldn't call it recreational, although the one-way stretch down the hill is a major riding-in-traffic confidence builder. And one heck of a shorcut! It's worth riding with an experienced group if you're interested in trying it out just to get a feel for it.
North on Grand, however, I'll leave that to the pros...