I would concur with RSH, and say yes, chicanes and sometimes other things like roundabouts can and do indeed have small lanes built into them to allow cyclists to avoid engaging in the dual.

With regards to the flow etc, I would say that traffic flowing into Perry Vale from Waldram Crescent would have right of way, preventing build up on the South Circ.

To me, having any kind of official crossing would be a nightmare, and for me, this is why.

To prevent the traffic stopping every minute, the crossing would have to be timed to allow a pedestrian build up, then a crossing sequence. As the other side of the underpass shows, people are just not willing to wait for traffic lights, and would continue to run or stroll in front of traffic.

A Zebra crossing would just cause lots of issues.
Line of sight is MUCH more important for a zebra crossing, as is spotting people on dark winter nights. Misunderstandings in body language from either party can lead to disaster. Uncontrolled pedestrian flow could stop the road for a couple of minutes at a time and so on.
While its not a pedestrian concern, it will most certainly be considered in consultation.

Strangely enough, in these circumstances its almost actually safer to just slow the flow of the traffic enough for all parties to have both clear sight, and enough time within an acceptable window to negotiate the road.

Im sure many will disagree with the above, and thats fine by me. Just my unprofessional opinion.
But I still think that a well thought out chicane would be most fitting.