That would be absurd. Disney is not just going to sell ABC without ESPN. Because a big chunk of ABC’s ratings are tied to ESPN and the sports department runs as one joint unit, it would be impossible to sell to Allen in this sense without causing a mass disruption of the sports media market.
The most ideal situation for ABC and ESPN would be Hearst teaming with Berkshire Hathaway (just like the latter funded Capital Cities’ purchase of ABC long ago) to buy the networks and perhaps National Geographic which could be collapsed into the A&E Networks structure. I would however consider Freeform instead of FX though - since FX is still in form a Fox network at heart airing Fox repeats, even if they are no longer a News Corporation Fox entity. All that Hearst can then do is turn its ABC affiliates into O&Os along with WBAL in Baltimore (which Hearst has owned from day one in 1948), and sell most of the rest of its stations to Scripps.
It’s not that Byron Allen isn’t capable of pulling off a big acquisition, but to me him acquiring a significant share of Gray and playing a key cog in further investing into the Atlanta media scene where the likes of Tyler Perry and Steve Harvey have had a sizable presence (and Allen already has links to CBS via TWC and NBC dating back to his days with Real People) would make more sense. Atlanta is already home to TWC as well and has been since day one.