Lots of issues in the way of making this possible
As an avid snowmobiler, I know very well what this area from Laconia to Meredith looks like. It isn't wide enough at many places to do this. For instance, there is at least one railroad bridge on Paugus Bay about 1/2 mile south of the Weirs. A seperate bridge would have to be built. Several streams and drainage culverts would have to be buried and bridges built. (Some of the same ones that washed out last year) Many trees at water's edge will have to be removed. The route 3 bridge at the Weirs would have to be ripped down and widened to safely get to Weirs beach. (it has about 2 feet of space on each side for the train) From the Weirs to Meredith, you would have to fill in hundreds of feet of Winnipesaukee and wetlands to make the trail wide enough. In many of these areas the RR bed isn't more that 4 feet wider than the RR tracks on each side. I know that because you can barely ride a snowmobile outside of the RR tracks without falling into the lake or the ponds/wetlands on the other side. (A snowmobile is 4 feet wide)
It seems that with all of the environmental laws of today, this will go way over budget and be in for a long legal battle.
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