I doubt it. I'd think that if it was going to be underground the whole way, it would have stopped at Don Mills, and we'd be waiting years for Phase 2.
If we'd done Sheppard as underground from Yonge to Don Mills, and then at surface from Don Mills east, they have extended it to Scarborough by now! Though obviously the vehicle technology would have been different. Heck, perhaps it would have been longer to begin with, if the stations were only 2/3 of the length. (well they are, but they paid the full amount for full stations, and then just built temporary walls, to make them look smaller).