The fibers aren't rational curves when viewed as stacks, because they have four points with extra automorphisms. I think this will be problematic.
The universal family of elliptic curves is the quotient of the scheme with projective variablesz $x,y,z$, affine variables $g_2,g_3$, and equation $y^2z=x^3-g_2xz^2-g_3z^3$ by the torus action that takes fixez $z$ and takes $x \to t^2x, y \to t^3 y, g_2 \to t^4g_2, g_3 \to t^6 g_3$. So if $\overline{M}_{1,1}$$\overline{M}_{1,2}$ were a toric variety then this should be as well, but the equation has too many terms to be toric.
Here the extra automorphism is the case $t=-1$. Taking the even weight forms should basically by equivalent to taking the quotient by this action, where you replace $y$ by $y^2$ and then eliminating that variable, which I think gives your ring $(4,0)=g_2$, $(6,0)=g_3$, $(-2,1)=z$, $(0,1)=x$. I'm not completely sure of this because I don't think you actually can eliminate $y$ and get the Jacobi ring because of the extra factor of $z$, but you certainly get a toric variety by doing this (you just need to add the variable $x^3/z$.) However this is not going to be the same stack as you get from the full ring.