Here's an idea to minimize impact and get ambulances from the 417 to Holland.
Ambulance coming from East would take Parkdale exit, then:
1) Squeeze on-ramp a bit south towards 417
2) Make an emergency only lane on the right that starts at the on-ramp, goes up it a bit and then comes back down to Holland in front of the school. Looking at Google I'm not sure if expropriation would be needed or not...
From West:
1) Make an emergency only exit that ends up Holland.
This wouldn't help the increased traffic on Parkdale but would create quick emergency acces to the hospital.
And, of course, all this would depend on drivers not using that lane... cameras may be needed.
One thing I don't know, do ambulances wait at the hospital for a call or are they stationed around town? If so then that would require on-ramps as well.