Instead of climbing down the cliffs (red or black blaze) you can hick down the slope to the road 90 (Israel trail, blue blaze). You always have a wonderful view to the lake and the Golan. Unfortunately you have to pay NIS 22,- entrance fee to the NP Arbel just to cross it. Only for this variety you could try to take the bike path turning right before the NP entrance and hick down until you pass the water reservoir. After that get to the left to the fence and follow until the point where the Israel Trail leaves the NP.
When you get down to the road there are still 3,6km to Tiberias Center which are not so nice anymore to walk. You could take a bus or hitchhike.