No, including movement times from the approaching signals, a following train from Piccadilly would only likely be able to arrive at Platform 2 at Oxford Road pretty much as a preceding stopper is moving off from Deansgate.
From a headway perspective, this is worse than the present situation where a train can arrive in P2 from Piccadilly simultaneously to a train departing P5 towards Deansgate.
You're solving an Up direction conflicting move problem by making the Down direction headway worse. Peter, Paul and robbing is the expression that springs to mind.