This and other improvements was meant to replace HS2, which I frankly think is a waste of money and they will charge fares triple the already expensive VT prices.
As an alternative to HS2 it's unlikely to be that good.
Unless there's need for four tracks (i.e. freight, local trains and long distance trains) then chances are it would only need to be built as two tracks. As otherwise you'll be building twice as much track for no good reason. Even then, unless there's survivability traffic volume a central third, bidirectional, line would bring most of the benefits.
If you are going for for track, then you'd want to design for a high frequency metro service choose in (likely be Luton), a reasonably good frequency medium distance service to places a bit further out that skip several of the metro stations (probably to Northampton) and then some longer distance services.
There's a fairly obvious kink just south of Northampton which would likely limit the speed of trains meaning that long distance services (i.e. 125mph plus) are unlikely to beat their existing journey times, especially given that and so wouldn't be a viable route. As such why bother with a very limited calling pattern given you have four tracks to work with?
Given that the line would pass through several urban areas, assuming a surface railway, then it's going to be very costly (politically, financially and in terms of the numbers of people opposed to the route) to even get the line to a point where it gets government approval.
In theory, such a line (possibly only two tracks and loops at some of the minor stations serving many places along the route) would be good. However the alignment would only really suite severing places along the route as it requires a diversion away from its alignment to get to any of the major cities in the UK.
Given that HS2 is being built, then such a line would now need to compliment it. Although it does serve local stations which HS2 doesn't, the problem is that these places are likely to see an improvement in services through the removal of long distance services being replaced by local services.
As such unless there's a larger than expected untapped market then such an existing line would be fighting for much of the same passengers and so wouldn't be viable for the time being.