Here's my best attempt, for the red/blue line section only. From Holladay/13th to Collins Circle, via a likely underground route, is ~3 miles.
University Link in Seattle is $1.9 billion for 3.15 miles, or $0.63 billion a mile.
Central Subway in San Francisco is $1.6 billion for 1.7 miles, or $1 billion a mile.
Second Avenue Subway in NYC is $17 billion for 8.5 miles, or $2 billion a mile.
I doubt a project in Portland would reach the costs of tunneling in Manhattan, but the number of stations required would make it more costly than University Link. So I'm going to guess $1 billion a mile, for $3 billion total.
Much as I'd love to see this done, I think it's obvious why it hasn't happened already.
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