"Rail with trail" may be workable, but don't take up any track, cause you will have heck (or something like that) getting it back in place later if you want to. Ya, sure, the rail bank program gives you the right, but you will be sued, cussed, and blocked in every conceivable way by a bunch of folks who like to walk along a little section of the wonderful trail once or twice a year, or who have never walked on any of it, but just hate big business (like railroads). Does the term "Occupy the railroad" have a nice ring to it.

If someone wants to build a trail on a non interferance basis, and endemnify the railroad for use of it's right of way, sounds reasonable. But the idea of "get the track our of the way, and we will let you put it back later if you want" is a very bad plan.