Some version of this plan makes just a whole lot of sense. You have bridge issues at the Humber and the Credit River, but room for bridge expansion. Whether you bring the streetcar west or the LRT east, the connections between Brightwater (in the west) (where there is, I believe, an original station building connected to the interurban street railway that ran through PC into the 1930's, and then became a bus service, just to the west of the Brightwater site), an LRT Station near or adjacent to Port Street, and the Humber Loop makes a lot of sense. East of PC there is a lot of width to Lakeshore, making for a separated surface (or elevated?) line eminently possible. I would assume trackage through PC would be some form of tunnel or combination of tunnel and bridge? The amount of intensification that can (and is) going to take place along the Lakeshore Corridor (both in Etobicoke and Mississauga) calls out for a higher level of transit for more local connections, supported by GO through major connection points. This form of transit would only speed up the process.