Hmm, you seem to have thought through this a lot more than I have, but it sounds awkward for UTM students, as 110 does not run west of Erin Mills station. If 46 terminates at Winston Churchill station, then commuting to UTM via 46 would now require 2 transfers: one at Winston Churchill to 109 in order to reach Erin Mills, and then another at Erin Mills to 110. Due to the relatively infrequent headways MiWay buses have, transfers are quite costly to commute time in my experience.
Perhaps this arrangement could work if 110 were changed to run to Winston Churchill instead of City Centre. This would mean those wishing to commute from CC to UTM now need to take 109 to Erin Mills and then transfer to 110. It might then be useful to align the 109 and 110 schedules such that transfers always "work" between those routes.