I was actually looking at this while looking at The Pier for a better use of it. Although it wouldn't help The Pier that much, I was thinking any further down the road when St.Pete wants to do a Riverwalk (more like a BayWalk though). Making Bayshore Dr. and Beach Dr. one-way streets. Bayshore going North and Beach going South. And it would work because you have a number of streets along both ways to do a U-turn if you must. This would allow for the street to be shrinked in width and allow for wider sidewalks for a future BayWalk.

Anyone opinions on the matter of making Bayshore Dr. and Beach Dr. one-way streets?

Wait wait....before I get ahead of myself here. Does the Grand Prix go along both streets?

The grand prix does not go where I think you are speaking of. It turns around on 1st South I think. But would you really want to encourage drivers to drive faster in that area. By one-waying it, that would be the result. By having two way traffic, narrow lanes and lots of people already walking around, you force drivers to pay attention and slow the hell down.

MLK St used to be one-way south of 4th Ave. This has not been the case since the last couple of years, when they made it two-way.

The grand prix does not go where I think you are speaking of. It turns around on 1st South I think. But would you really want to encourage drivers to drive faster in that area. By one-waying it, that would be the result. By having two way traffic, narrow lanes and lots of people already walking around, you force drivers to pay attention and slow the hell down.
They would still be cautious about the parallel parking on one side. There will still be people there aswell to make them cautious. I wouldn't consider speed bumps though, just in case you have one idiot speeding and flies through the air and onto a car. And there are other roads that will get people from one side to the other if they don't want to wait another probably 5 minutes.

But one way streets are fundamentally used to increase the speed of vehicle traffic and move cars through an area. They aren't conducive to slow pedestrian heavy areas and actually discourage walking and business. Its why so many formerly one way streets are being converted back to two way. Businesses hate one way streets because people go buzzing past so quickly. I doubt Moon Over Water or any other business down there would like the idea.