Don't think the Leafs are trading Bunting...
That being said, the concept of Nylander <-> Lafrieniere is an interesting one, IMO.
The Leafs would get massive cap savings. The Rangers get a much more established scorer -- on a team that the scoring depth certainly falls off very quickly.
There's a couple of challenges though, IMO.
1. Bonus overage - Laf has full potential performance bonuses. Put him in the Leafs top 6, and I think there's a pretty good chance he reaches a pretty substantial chunk of them. Even if Toronto were to "allocate" him as a $3.5m player; assuming you're at the cap and will have players on LTIR throughout the year, "replacement" players will take up "bonus space" before they take up LTIR space, IIRC.
2. NY's cap -- they're still sitting with $3.5m in buyout hits from Shattenkirk, Girardi, Deangelo. As of right now, they have just under $12m with 6 roster spots to fill. Players without a contract include... Strome (#2C to be replaced), Kakko, Blais, and Georgiev (backup goalie to be replaced).
Adding $6m to go from Laf to Nylander would make things VERY tight around the rest of the NY roster, especially considering that the positions to fill include a #2C, backup goalie, and Kakko.