This has been a plan a few times. When the original subway was constructed there were various plans to connect the East Boston Tunnel (Blue Line) to the subway (Green Line). In the 1920s when the East Boston Tunnel was converted to heavy rail there was also a plan to covert the Green Line to heavy rail and connect the two exactly how CharlieMTA drew out.
Since then, however, commuting patterns have changed and I don't think this would ever be a serious consideration today. IMHO a better option would be to build a second Green Line tunnel to fix the bottleneck between Park St and Gov't Center.
Building the Blue Line to Park, while geographically shorter, would probably be twice as expensive since it would have to carefully maneuver its way around the State House and Park St church. Building a cut-and-cover tunnel down Cambridge St would be drastically cheaper and simpler; less for the T to fuck up.