I think the concern you've raised is partially addressed by what I've already described in proposed paragraph 264.01(2)(c), but it's also addressed in the clarified mental intent element.
A person cannot be convicted of this offence unless they actually intended to cause a person to believe that their safety was threatened or were reckless as to that fact. If you have reasonable cause or what you did was reasonable in the circumstances, that is also going to be reflected in what the person intended, and the intent element is unlikely to be made out as well. You therefore have two protections built in to the offence as drafted, in my view.