I agree but it's a bit tricky since a right arrow as we have on King now, or a right turn signal with a green light as on Queen's Quay or Cherry St, is for protected right turns with no pedestrians allowed to walk on the right. I think the ONLY way to say you're allowed to turn right but must yield to pedestrians is a green globe on a standard light (i.e. not a 'right turn signal').
Optimally, you'd have a regular traffic light that's red 100% of the time but with a vertical white bar for streetcars when the light would normally be green, and beside it 1) a bicycle signal that's in sync with the transit signal on the main light (green when transit has a white bar), and 2) a right turn signal for cars. Unfortunately this would require strictly separate right turn and pedestrian phases, not a brief advance then a mixed phase. That said, this might be the most logical solution; have the phasing be: north south, east west streetcars+bicycles+right turns but no pedestrians, east west streetcars+bicycles+pedestrians but no right turns, north south.