Possible, but I refuse to believe they did such a good job of setting up Toffee only for him to die to a last second deus ex machina. The writers have shown greater competence than that.
Recall the contract was worded like "When your enemy is killed, you come back and free me from my crystal">>93896533>>93896596
Mewmans had an inherent edge that monsters feared: Mewman magic. Toffee and his Septarians used their regenerative edge to rally monsters to their cause, whatever it was (Could have been as simple as monster racism, could have been something to do with Eclipsa) but their army was rebuffed when Moon took Toffee's finger. In an instant, Toffee was humiliated, lost a part of himself, and his monster brethren lost their spirit and scattered to the winds like a deck of cards. So he set out to regain his finger, remove the Mewman's magical edge, get revenge on Moon, and execute his original goal of Mewman domination. He didn't bother to destroy the wand after because he knew magic itself was dead.
What he didn't take into account for his keikaku was Star dipping down and recovering the entirety of magic in an instant.