I like your optimism but this scenario just ain't going to happen. Your correct in regard to PT's physical gifts but the truth is he just lacks some things that cannot be taught:
1) ACCURACY. He simply is not an accurate passer, particularly in the short and intermediate game.
2) Pocket presence. He just doesn't seem to feel the rush when he should and then seems to "feel" a phantom rush when he has plenty of time. This causes choppy feet, which causes inaccuracy.
3) Decisiveness. As someone said above PT likes to see an "open" receiver rather than "throw" them open.
It is a shame, but if he doesn't have these qualities by now I don't think he will ever somehow "learn" them. These are inborn attributes that some have, and some don't. No matter how physically gifted one is if they don't have the qualities above then they will never be a high-level SEC *passing* QB, much less make it in the NFL.
I think some of you are writing off Towles way too quick. All of his shortcomings that you mentioned above are teachable if that was the problem. I can understand how he can feel a phantom rush because he seldom had enough time to look for more than 1 receiver.
I don't think there is any quit in Patrick, he will be back.