Yeah I'm not up to date on how things look like w.r.t Dhaka in a layout kind of way....it may be just too wide.
If you need lot of wiggle, then maybe overhead tram or even just a good network of e-vehicles could be optimal (depending on what you can legislate for inner city restriction on surface travel). In either case its best to put in the heavy capacity "core" stuff first...and see where the intermediate requirements form for the next stage....so every Taka is spent as wisely as possible given transport infra needs to be gotten right the first time around as much as possible.
Yes you are right. Heavy capacity is being installed as we speak since metro is under construction. I am fairly confident it will reduce the congestion in Dhaka significantly. After the flyovers were put in, they reduced congestion a lot, I was in Dhaka few weeks ago.