I think both subjects are interesting and a little but of variation doesn't hurt, so I voted for a mixed channel for that reason.
The toys channel: Awsome idea, if you pick out the awkward, funny and special gadgets and toys every (grown-up) kid would like to have. But it doesn't all need to have the huge Wow-factor. Maybe people around the world and from different ages would like to see the evolution of toys around the world and in time, some nostalgia could be good aswell. Or toys for grown-ups! The pilot video was great, no remarks on excecution . But please don't get yourself in jail!
The gaming channel: There is some work to be done here: what will it look like? I found the fact that 2/3 of the time you were looking at Luke's face a bit awkward for a gaming channel, I feel you need to feel submerged into the game a bit more, so more ingame footage. None the less, I find it it important to be able to see Luke's (facial) expressions while telling his story almost as important.
The format "webcam stream in the corner of the screen" has been done 1000's of times and is kinda boring, maybe you could experiment with some new formats?
(like make Luke AND the game appear over the whole screen, the one slightly more/less translucent then the other. Or paste Luke's face on the character .
You need some experimenting here.
To sum up:
I like the toys part, it's success will be largely dependant on which toys you pick. The pilot video was very well done. The more unprepared/unscripted parts the better.
The gaming part: it has been done before, I'm already subscribed to many of them. But I'm sure you can make it worthwhile by experimenting with original ideas. It's very likely there are a big deal of toy channels awsell, but I'm not subscribed to any.
Different formats, making a big video about for example LAN gaming (which games to pick, etc etc), making a sum up video of a certain genre with some big and small titles? Making the top 5 games from the Linustechtips crew? different platforms, old games? Looking at games in alpha, Beta, upcoming titles, free to play games? Getting to know good old/unknown games would be awsome! Android games? Or making a mix with the hardware side? Trying new technologies/pheripherals like steam inhome streaming/ocullus/SHIELD and giving us some handson previews? There are countless ways to make a good, fresh and innovative (partial) gaming channel and I'm confident you will!