Agreed this is an awful intersection that is very challenging for pedestrians. The in-street pedestrian sign installed at the Westville Village Renaissance Alliance's (WVRA's) request has made some difference, but the intersection needs a good long-term solution. Rather than a four-way stop here, though, I think newer generation traffic-calming measures would be preferable, whether raised crosswalks, a mini-circle, an entirely tabled intersection, neckdowns/curb bumpouts, center islands through the crosswalks, or some combination thereof. These measures would be more effective to slow speeds AND increase visibility for cars and people crossing Central.

4-way stops, while quick and cheap to install, have proven to be very limited in their effectiveness against speeding. Here's a quick run-down of some of the reasons why: http://newtonstreets.blogspot.com/2009/05/stop-signs-as-traffic-calming.html.