The G: Link will eventually expand into several different lines, with the main line obviously connecting North to South via the tourist strip, but I remember reading that a proposed plan given to the government included one route to Coolangatta via Burleigh, and one going to the airport via an inland route due to terrain.
It could work if there were two routes through the tourist stip - one going through the current route to GCUH and through to Helensvale Station, with a second route forming a circle route around the CBD once the tram rolls over the nerang river bridge and loops back to head back down South to Broadbeach after stopping throughout the CBD. Unless the GC CBD turns out like Canary Wharf in London and ends up being huge with tens of thousands of workers, there wouldn't be a need.
If anything I think that a secondary line crossing the current line way be the way to go, though.