Not sure if I get this. Toledo is roughly south of Madrid so you would be extending the CdM from Toledo rather than to it. The Levante passes through Toledo and passes west of Madrid, so your choices are: follow the Camino de Levante starting in Toledo and miss out Madrid; start the Camino de Madrid starting in Madrid and miss out Toledo; or walk to Madrid from Toledo (which you have already rejected for what seem to be good reasons), then continue along the Madrid. I haven't walked the Levante, but I have walked the Madrid and would recommend it. It crosses the Sierra de Guadarrama (via a very historic route, parts of the Roman road are still there) before entering Segovia (well worth seeing). How about a compromise? You go to Madrid, take a day trip (good train connection) to Toledo, then walk the Madrid by starting there?