Probably not at Union. A terminal station needs more tracks than a through station. As it stands, Union only has 2 tracks. Would have to allocate 1 track for each of the separate branches, which means, no room for delays at all.
Could try to run two overlapping services, something like one from Richmond Hill to Sheppard West, the other from Vaughan to Finch. Not sure if that will give any operational advantage.
Or, I've seen proposals to disconnect the halves of Line 1, and build a new "Union" station for one of them. Not cheap or easy, but can potentially improve the throughput.