Operationally, I-71 operates as 2 lanes at this choke point. The 2 right lanes are drop lanes as we all know, so the 2 left lanes funnel thru I-71 traffic well before the gore of left on-ramp from the Lateral. Yes, there will still be a weave for the drop lane to Red Bank Road; however, the weaving length will be made much longer and traffic will have more space to merge.
This is not the only choke point along I-71 NB, the Kenwood Cut and the Cross County Loop Ramp still limit capacity. Inasmuch as it will remove the bottleneck , the main issue is safety. I cant pull it up ATM, but the section of I-71 NB from Dana to Smith/Edwards probably has a higher than predicted crash rate due to the queues that extend back into the freeflow section further back.