HS rail into Cornwall seems like something to be saved for when the nation has nothing much else to spend it on - just the equivalent to the north half of the current WCML ( to pick something else that refuses to go in straight lines ) would be a significant upgrade west of Exeter. I am genuinely wondering how much a new route of 200kmh ( or slightly quicker ) would cost to build & maintain relative to HSR spec; we don't *have* to build everything to run at 400kmh, & you gain in modern station design too.
I'd like to see improvements, however I would expect that the Dawlish Avoiding Line (DAL) at a cost of over £1bn would likely be all we could expect any time "soon", however that really only comes into its own if there's capacity to run more services from London, otherwise it would be fairly lightly used.
It's why I've suggested in the past that if we're going to spend that kind of money we'd probably be better off using the extra paths from Waterloo created by Crossrail 2 and upgrading the WofE line through Salisbury and reopening the Okehampron route as it would likely have a better BCR.
As whilst few would travel from London to Plymouth (although depending on the departure time it could be "faster" than waiting for the next service from Paddington depending on where you are starting from, it also has the potential to be more frequent and cheaper, which could also see some opt for it over the express services by GWR) it would likely reduce the need to travel via Reading for many in the SWR area, freeing up some capacity on the GWR services.
If there was an equally easy way to increase capacity in the GWR route that would likely be a better option, however as things stand there's not and so (regardless of what went before) I think that's the better option.
On the speed costs, generally once you go above 115mph the cost difference between 125mph and anything beyond 140mph is fairly limited, as I understand it. In the same way that the cost difference between a 60mph road and a 30mph road is mostly due to the (typical) extra lorry content of the higher speed road and so the overall cost increases are limited.