That wouldn't currently be possible under the Highway Traffic Act. In Ontario, the pedestrian signal never applies to bicycles under any circumstances, so municiapities should not expect cyclists to follow pedestrian signals. As someone who bikes, I think having a signal over the bike lane quite convenient because the motor vehicle signals are often not in an ideal angle for bikes to follow.
In addition to that, there are frequent situations (especially in suburban areas) where the pedestrian signal shows "don't walk" while the parallel motor vehicle signals (and bike signals) show green. It would be completely unreasable for a cyclist to wait as well. And I definitely don't think any cyclist is seriously going to wait during the flashing hand.