Yes, but R211s don't have to run on 8th avenue to enable Eighth Avenue CBTC. If you put the R211s on the D E F and half the A, you can move the R160s currently on the E and F to the rest of the A and the B/C. (ETC. I am making a hypothetical, the numbers don't perfectly work out. My point is that you need to have the R211s for 8th ave CBTC, although you don't actually need to run them on 8th ave. )
The signals need replacement. Replacement is the answer. Thales Seltrac and Siemens Trainguard MT are the specific systems used so far in the necessary replacement, both of which are forms of CBTC.