while i'm hyperaware of what's happening around me (i've never been hit by a car in 30 years of heavy biking), i actually ride on the sidewalk or try to take back roads rather than major highways....and would encourage more cyclists to do so.
regardless, the probability that i'm going to alter my behaviour under any sort of incentive system is 0%. you can write me tickets, and i'll file a constitutional challenge. and, if i lose the challenge, i'll just throw the tickets in the trash - and you can't collect because i'm too poor. then, if i ever get any money, i'll just pay the fine, instead.