This, more or less, is what was contemplated by the University Park proposal.
(No intent of putting Hoskin back through the park......)
But yes, removing the west side of Queen's Park Crescent entirely south of Wellesley and mostly or entirely south of Hoskin (a decision would have to be made on how to route the Harbord/Wellesley bus).
That said, the proposal is not currently moving forward, but it may, at some point in the future.
There are some complexities involved, not the least of which is whether Queen's Park Crescent East would have to be widened to handle two-way traffic, and how to have that road meet University Avenue, in its current and/or a new configuration.