In terms of transit, the original waterfront west LRT report showed on some maps (but never discussed in any detail) a loop at the ferry docks, with access both ways onto Queens Quay and to Bathurst. As a whole though, my guess is that as long as the ferry is in place Porter's shuttle will work as well or better as any local transit. As far as the DRL goes, I have never heard of any suggestion of taking it south of the rail corridor, and frankly can't see any way it would be justified.
The thought I have had in the past is that if the Port Authority could be convinced to sell off all but rwy 08/26 there would be enough room freed on the island to expand the park and build a significant amount of housing. The airport's (commercial) capacity wouldn't be impacted, we could at least start to appease the people who want the airport for a park, and I'm guessing that 2-3 story condos in a car free island development could be extremely profitable, even next to an active airport. With this development we could look at a streetcar tunnel from the foot of Bathurst, with an underground station for the airport termina, crossing under the runwayl and a loop at the Hanlan's Point ferry docks. While a ferry would still be needed for vehicle access, this would be a more useful setup than the tunnel we heard about over the summer, would create a fixed link to the islands as a whole and wouldn't risk generally opening them to vehicles.