I think the number one benefit of converting the Eglinton line to elevated and a interlined line to STC would be that it would force Toronto to not do the DRL on the cheap and stop it at bloor but instead force them to stop the DRL at Eglinton.
But then I fear that the western portion will never get completed because then it would need to be grade separated as well which would add financially to the cost and other things would then take priority..
I think elevated is actually the preferred choice for Eglinton West. It would allow the line to be built over the Richview corridor, while at the same time keeping the walking and cycling paths there in place. They also wouldn't need to do an extensive rebuild of Eglinton West, which would save a lot of money.