I think focusing on BCE's divvy is shortsighted. They could cut it and the stock will probably go down but may actually recover and go up as divvy will then be considered safe (and it would probably be 5 to 6% after the cut) which will bring in alot of new value investors.
They may not cut it and it will continue to be in the mud.
Whatever scenario that plays out, I don't see a total return of this stock being even or higher than a TSX etf. So why gamble?
If you need dividends within sheltered accounts then just sell stock. If you need dividends within an investment account, most TSX60 etf's are paying about 3% are are taxed favourably as well.
I just don't see this stock as a holding that you can see having favourable tailwinds compared to the TSX60.