I support this improvement. In my opinion, the "Timeline" block is more noticeable than the "Calendar" block, and in the long run would be more popular. Users would get used to see their next events in this area.
Think about it this way - The main events that appear in the timeline are due dates of assignments , that are in the end softer than scheduler events. If you miss a due date (which doesn't have a cut-off date, and most don't have in my opinion, at least in my country), it's not optimal but the student can still submit the paper before the teacher actually grade it. However, if you miss a scheduler event, you actually miss a meeting, and someone wasted his time for you. So in that manner, scheduler events are even more important than due dates when thinking about what should appear in the "Timeline" block.
Thanks a lot for the great plugin and for thinking about such improvements for it