Interesting to read all the proposals to convert L4 - Transit City opted to create a single track terminus per mode at Don Mills rather than take that on. Perhaps a cautionary precedent as to the degree of difficulty to go further and convert?
As noted a few posts up, there has been a significant development surge since those days and replacing all service over a period of months (more likely years) would strain road capacity without a busway option as along SRT.
I also don’t think people take into account how existing riders might see being crammed into a shorter, narrower car might be perceived vs the wide, flat floor TR sets they have now. A new line like OL is one thing, conversion a different matter. Anyone who has transferred to SRT from subway at Kennedy knows what I mean - if the choice is low floor with even more chopped up floor space, more so.
Extending the subway across the 404, from studies during the TC days, likely won’t cost a lot more to tunnel. If you eliminate track and signal retrofit, platform and elevator reconstruction, power changes, bespoke vehicles (if dual 3rd rail/overhead is the choice) then by the time you have got to Consumers, or even Vic Park, plus significant reduction in service disruption to L4 riders and traffic congestion on street during the process, you are probably still net ahead by retaining subway. That was my view at the time - bring it across 404 to a purpose designed mode transfer station with no compromises in terminal capacity for light or heavy as in the Don Mills proposal.
The issue is how much it costs to go further, starting with Agincourt GO. Steve Munro thought that bringing subway to Vic Park would just invite “one more stop“, pushing subway further and further into low density and capital/operating burden in the system. I didn’t think it was as big an issue as he did because at the time the plan for Scarborough was LRT/SRT. Now that there will be a subway stop from Line 2 at Sheppard, the notion of “closing the loop” as in the budget map will be far more attractive to political operatives with eyes on competitive contests inside the 416 boundary, the sort of people who can promise without building, or provide a cheque to build with no mind to ongoing cost (and overruns)