I think it's a lot simpler (and less drastic than that).
I've taken the liberty to observe signal timings while stuck on the streetcar (oh the things I do when I'm stuck in traffic) and that particular intersection is purely destroyed due to inadequate light synchronization. For example, the issue is the intersection is basically Jameson to Lansdowne traffic, but due to the jog, it has to go 30m along Queen. It would make sense to have the lights 'close' Queen as traffic through Jameson/Lansdowne funnels through it, but no, it's actually disconnected and causes traffic jams. (I don't know how to explain this without visuals, but it is what it is).
In fact, 90% of the traffic issues downtown are caused by light timing. I'm surprised the city is so hellbent on not making this a priority (studies are meaningless).