French Emersion? We have schools like that. I think I'd be a drop out by now if I'd gone into emersion!! I really am quite brutal at the language! Though, I am able to pull off an accent.
Perfect French is fine to get by on. Just only if you're speaking! The problem you'll find is that French people will speak improper French quickly! Lot's of slurs and such. My grade 9 teacher actually took a lot of time to teach us common French.
If you come up to a French person and start off speaking perfect French they will respond to you in their French. If you come up and it's obvious you're naturally an Anglo, they will do their best to either speak English or easy French. At least, in my experience!
Quebec is a poor example of French. Actually, it's an entirely different dialect. Same between France and Belgium. Still, great place to work on your accent and common grammar.
Toronto has zero French. There's no point. As many people here speak French as they do Mandarin or Spanish or Portugues or....
Still, we are forced to learn for 5 years!
Toronto's your favourite city eh? Well, it's definetly right up there in North America in my opinion. Though, if you're anything of a partier I advice BC!
As for your backpack and money plan....I'm hoping on doing that for a year through Europe in a few years!