The original purpose of the Jubilee Line was to relieve congestion on the Bakerloo Line between Baker Street and Charing Cross.
Since then the Jubilee Line has been diverted from Green Park to Stratford and carries many more passengers than when it opened in 1979.
So I don't think the Jubilee Line could cope with passengers displaced from the Bakerloo Line.
There would be overcrowding at stations like Piccadilly Circus and Oxford Circus, and some useful connections would be lost, such as the direct link from Waterloo to Paddington, plus the cross platform interchange with the Victoria Line at Oxford Circus.