More likely they'd use existing infrastructure if they go this route, i.e. making movies available to rent on iTunes.
I don't think this is super likely either way. The films Universal is doing this with (The Invisible Man, The Hunt, and Emma) aren't big tentpole movies like Mulan and Black Widow, which really need a theatrical release to turn a decent profit.
It will be interesting to see how this VOD approach works though, for the movies that utilize it. This is something that movie studios have been interested in trying for a while now, letting people rent movies immediately at a premium price, with movie theaters naturally opposing the move.