Weber street is only a 2-lane street past the station - unless someone went and widened it in the last year! King Street is the major artery from Victoria, north - supplemented by Charles and Duke south of Victoria. I really don't think that there are going to be that many university students commuting to Toronto on GO; I've taken the morning VIA train out of Kitchener - and that wasn't a young crowd at all. Bus service to the current station isn't that great; only the 8 passes by, plus whatever is on Victoria Street ... it's over half-a-kilometre to King where most of the buses are (I've walked it many, many times), doable, but I'm not sure that it's going to encourage as much as it should.
Perhaps they should just move the station to King Street sooner than later ... at least it would have a good transit connection then.