I think the legal ID ends before the '/'.
73.1201(b):
"(1) Official station identification shall consist of the station's call letters immediately followed by the community or communities specified in its license as the station's location:
Provided, That the name of the licensee or the station's frequency or channel number, or both, as stated on the station's license may be inserted between the call letters and station location. No other insertion is permissible.
(2) A station may include in its official station identification the name of any additional community or communities, but the community to which the station is licensed must be named first."
So "WNED Buffalo/Toronto" is fine as long as Buffalo comes first.
But while we're on the topic, how did WPTZ get away with being "Plattsburgh-North Pole-Burlington" all those years, when the community of license was North Pole. Should it have IDed as North Pole-Plattsburgh-Burlington.
73.1201(a):
"...Television broadcast stations may make these announcements visually or aurally."
(in other words, they don't have to do both. In other words, it's legal to display "WPTZ Plattsburgh-North Pole-Burlington" on the screen if you say "WPTZ North Pole" aurally. Or vice-versa.
But the bottom line is that you can do what you can get away with.
In a world where "...as close to the hour as feasible, at a natural break in program offerings." can mean 13 minutes before the hour and separated by five minutes of commercials, promos, and weather forecasts is considered OK, I would imagine swapping "Plattsburgh" and "North Pole" isn't going to raise many eyebrows!