I don't think this has anything to do with the Argos. I think they picked this because it reminds old diehards in town -- particularly in the European diasporas -- of the old Blizzard uniforms, and there's a Canadian pro league talking about spending and putting a team in Toronto, with mostly Canadian players and $1.5-2M rosters.
This is "we respect this city's roots", not 'fuck you, soccer fans.' I hate the Argos coming into BMO as irrationally as the next guy (given how much real damage it'll do with six-day turnovers) but I don't think this has anything to do with that.
They are a bit TOO retro for me. If they're going that route, I'd have preferred something off the north american taste spectrum -- like a cross-sash style ala south america or stripes, or checkered etc. Maybe that cool-ass long-sleeve mock turtleneck thing they did at Liverpool and Tottenham for a couple of seasons.
This feels a bit like a 70s parody.