I wonder if GWR might have been more agreeable if the Welsh Assembly pushed for and contributed to electrification of Filton Bank into Temple Meads?

I think you are a little optimistic about the prospect for traffic for Bristol beyond Gt Malvern, but is there perhaps an argument that Cheltenham Spa to Newport should be run by GWR rather than TfW as it runs Gloucestershire for the majority of it's length?

In fact, if Gloucestershire were to join WECA, might there be a business case for reopening the line through the city and extending Newport services to a new Cheltenham North Parkway station and the racecourse as some kind of "Gloucestershire Metro"?

 
I can see why GWR would object to TfW making a bid to run services into Bristol but it's a bit naughty that they state they already provide three trains an hour on that axis as that's not the case when I've returned that way from Cardiff or Newport of an evening, when the service is hourly (and, as I've twice, recently, unluckily hit a short-notice cancellation which has turned things into a one and three quarter hour wait followed by a change at Bristol and a half hour wait there too.)

That aside, perhaps TfW's proposal wouldn't sort services during the thinner parts of the day too. I'd also be well in favour of either GWR, or GBR, or TfW, strengthening provision on the Bristol - Hereford - Shrewsbury - Chester axis. When Regional Railways put just a few services into that, in terms of passenger loadings, between Bristol and Hereford in particular, they promptly started to run hot.

Mark