I do not generally trust the default interaction coefficients in commercial simulators, as you don't know the basis on which they were developed. In my opinion, the best procedure is as follows:
(1) Collect ALL of the liquid-liquid equilibrium data for toluene-water (e.g., from the DECHEMA series of books). Add your propritary data to this collection, assuming that it is for these two components only.
(2) Fit the liquid activity coefficient model (NRTL or UNIQUAC) parameters to this data, using non-linear regression.
(3) Use these regressed parameters for your simulation work.
While it is true that toluene and water are sparingly soluble in each other, they are not completely insoluble either and the system temperature has a big effect.
If you have VLE/LLE data for the other components of the mixture with water and toluene, they too must be regressed for each binary. If no such data are available, UNIFAC may be used to estimate these "less important" coefficients for the UNIQUAC or NRTL models, via the UNIFAC infinite dilution activity coefficient predictions.
Beware of using UNIFAC for such problems if you need accurate predictions. UNIFAC is a group contribution method that, while almost always correct directionally, is hardly ever very accurate. Errors of 30% or more in LLE flash compositions are common. UNIFAC is OK to use when you have no experimental VLE or LLE data, and the estimated binary mixture coefficients are non-critical relative to the main binaries. This is surely not the case with the dominant toluene-water binary for which I know LLE data are available. Also, the UNIFAC LLE parameters are entirely different from the UNIFAC VLE parameters. In general, predicting LLE using VLE parameters (and vice-versa) risks disaster.
Also, in my opinion, liquid phase hydrostatic pressure is unlikely to affect the LLE flash results significantly. If you mix the phases adequately, and adequate residence time is available for equilibrium to be reached, there is no reason to worry about non-equilibrium effects.
It is hard to say much more without knowing the identity and concentrations of the other heavy components and the details of the physical equipment.