I was reading a few articles on that and still haven't got much of an opinion either way at this point, not sure what to think.
I don't think it would probably be the best of idea, though I couldn't say for sure. I think a large zoo tends to be a point of pride for a community locally, so the people in Toronto associated with the Zoo has a vested interest in keeping the prestige it offers their city. I can't really see anyone in the federal level of government being able to go to bat for the Zoo in the same way, though maybe I don't understand correctly how a deal like this would work.
I dont like this one bit, if the zoo is put in the feds hands it could fall apart. There is a large chance that the person or people put in charge wont care (for a lack of apporopriate words) what happens. If it happens the feds will be getting a number of strongliy worded letters.