That would be a huge mistake in my opinion. There are dozens of examples of cities that tried the "pedestrian mall" concept only to discover that they were accelerating the decline of their central shopping districts.
SBH, you're an Akron-area person so I find your take interesting. I was just graduating from law school at Univ. of Akron in 1988 when they decided to turn Buchtel Ave., then a busy street running right through the Akron campus, into a pedestrian mall to make the campus more pedestrian and give it more of a residential campus feel to it. It seems for the most part to have been a successful transition for the campus and has worked out for everyone. However, closing that part of Buchtel Ave. didn't affect any other businesses that I'm aware of as it was only within the campus the street was closed and converted.
SBH, you don't think the same thing can work on Court Street? I'm just curious. At first blush I would think at least closing one block of Court Street in Athens could have a positive effect for Athens; the businesses there aren't going anywhere and the potential market they are selling to, i.e. the students, are static and aren't taking their business elsewhere, but maybe I'm wrong on that.