What a cool idea! I stumbled onto a cheaper way to do the same thing. Create the separate road for the busway, including at least 2 stops. Connect the separate road to your main road network in one place. Now wait for buses to get routed onto your separate busway. Takes a while, depending where your depot is. As soon as one (or as many as you want) have entered, bulldoze the connecting road. Now the bus is trapped on your separate busway and will happily cycle between stops. You have to be watchful and quick in setting this up. Even with just two stops in the bus way, the depot dispatched five buses that tried to enter the busway pretty much all at once. With a long enough connecting road, I had time to delete the last segment right after bus #1 had entered the busway.
Only had it this way for about an hour, but it seems to be working pretty well. It's attached by pedestrian path to my main bus "terminal", where lots of buslines terminate and moves batches of 20-30 workers to an isolated forest worksite pretty consistently.
Thanks again for the cool idea. I never would have thought of this.