Peak demand on the Sheppard LRT is way out of whack now, you can't claim previous numbers because of the Scarborough subway. The LRT will experience even less use now. Finch's predicted maximum use is less than half of LRTs maximum capacity, while the Sheppards LRT original estimates put it at around 3/4 maximum capacity. This will probably drop to around 1/2 again now that the Scarborough subway will be diverting riders halfway along the route.
and you seriously considering spending another $2 billion to eliminate a transfer? it would be much cheaper to convert the Sheppard subway to LRT for $600 million if you really, really want to get rid of the transfer. 401 trips rarely end along the stretch that the Sheppard subway would have run. Most trips end in the airport employment area, (the busiest portion of highway on the planet is between Weston and the 400) which would be better served by the Eglinton LRT extension. I can tell you right now that the sheppard subway does NOT make sense in any way whatsoever, most trips on the 401 cannot be replaced by urban rapid transit, and there simply aren't many Generators along the Sheppard corridor. The only really major job centre is the one on the North East corner of the 404/401 interchange, Which is why I think they should have extended the subway by 1 stop to Consumers instead of running the LRT underground to Consumers, but still. Lastman justified the Sheppard subway by producing outlandishly high job projections for NYCC and STC (think of each centre having 3/4 the office space of downtown, that is the type of projection he made), and without that kind of employment along the corridor, it will never be justified. as a hint, that kind of employment never will come to the corridor.
Subways aren't really justifiable until you reach around 10-15,000 PPHD, which is why I supported the Scarborough subway, (14,000) the DRL, (12,000) and the Yonge extension (12,000 I think) 7,000 on the Sheppard line is simply too low, especially considering it is a singular line. Extensions that run 14,000k numbers are justifiable as the line still peaks at maximum capacity further down the line, but to build an entire subway that would be running 1/4 maximum capacity is silly.