IMO yes, as long as you don't give him too big of a role.
He had a rough year in Vancouver in 2022/23, I think it was fair to call him a liability there, but then had a good season with Florida in 2023/24 in a reduced role, where he was certainly a positive contributor. In Florida he was the 5D (5th in TOI/GP in both the regular season and playoffs, behind Montour, Forsling, Ekblad and Mikkola), while in Vancouver he was the 4D, behind Hughes, Hronek and Myers. Fewer minutes and easier minutes in Florida, for sure.
Toronto have a pretty structured and strong team defence, more similar to Florida than Vancouver, that'll be good for him. I think if we keep him to the bottom pairing, he's likely to be a quality 5D for us. If we try to use him on the 2nd pairing, could be sketchier. IMO our best pairings are likely to be:
Rielly - Tanev
Benoit - McCabe
OEL - Liljegren
And I think OEL could do well in that setup. Both OEL and Lily are somewhat "jack of all trades, master of none" types, but OEL sides more towards offensive specialist, while Lily sides more towards defensive specialist, I think it could work nicely. Should be a bottom pair that is really strong against weaker competition, drives possession and breakouts, but could be a bit sketchy if matched up against top offensive competition.
I also think he plays on at least PP2, and maybe we experiment with him on PP1 as well, see how he fits there vs. Rielly.
He's not totally washed like Klingberg is/was, he was very healthy last year and playing well. As long as we don't try to give him too much defensive responsibility he should be a positive contributor for us. 4x$3.5 is a bit much and a bit risky IMO, but it has a chance to work out, unlike the Klingberg signing, where he was clearly done.