I think that would have the opposite effect. Instead of most cars going through the busy intersection (which is probably busy because it's the main way to get from A to B) more cars would go through side roads to avoid the toll. And then you have more cars going through mainly residential streets.
Google Maps and Waze are already causing this without the toll. In my town, you'll always be routed down two residential, 25 mph roads to avoid the congested part of Main St.
My town combatted this by allowing free parking on the bypass on both sides. Now it is practically a single lane road and you will hate every second you spend on it if you don't live there.
