With that said, if they do this pilot correctly it will yield very interesting data.
I very much doubt it will because it is implemented in a way which directly undermines the arguments for universal basic income which is normally taken to mean that everyone gets a fixed income regardless of circumstances. Instead this project reduces that income at the rate of $1 for every $2 earned. Unlike the real deal this provides a reasonably strong motivation NOT to take low paying jobs since you only get a benefit of half the wage you earn. It also means that you now have to start means testing people to see how much they earn which requires bureaucracy and officials and incurs expense.
The whole point of basic income is to cut the administration expense because everyone gets it regardless while also preventing the disincentive to work of typical unemployment schemes by clawing back money when people get even a low paying job. The Ontario scheme fails to achieve either aim and so seems unlikely to work or provide any data about whether such type of schemes could work.