They can’t separate the rite into two, because the Latin Rite is the Roman Rite as in Bishop of Rome=Pope.
If they tried they know it would touch off a huge schism.
The Pope is still in charge of all 22 existing rites. Not sure how this would be different. The major problem I see would be to which Rite the priests would belong. I do not know if a priest of one Rite can serve the Liturgy (mass) of another, but I suspect so or at worst an indulgence (hope this is the right use of that word in this sense) could be granted.