Before that, in 1977 there were half hourly fasts which ran fast Waterloo - Feltham - Staines - Ascot, then alternately all stations to Reading or Guildford (via Aldershot). With stoppers that were caught up, and offered cross platform interchange at Ascot with the following fast train. No concerns about stepping over the live rail in those days. The up fasts tended to be routed via Hounslow, but disappeared in the early 1980s.
Then in the mid 1980s some fasts were re-introduced, stopping at Clapham Junction, Richmond, Ascot then all stations to Reading as you say. On Sat 23 Aug 1986 I timed 4VEP 7772 from Ascot to Waterloo in 34m 33s inclusive of the two stops, including Ascot to Richmond in 18m 59s, under even time.
Ocassionally, following disruption, trains run fast from Ascot to Staines, Richmond and even all the way to Waterloo. But even with a clear run, no 458 has come close to matching that time, even with the faster start out of Ascot. But I like the 458s (and 450s) and see the 701s as a step backwards.
All the previous talk about speeding up Reading line services is completely absent from the latest timetable consultation. Even worse, a Vauxhall stop is to be added to all Reading trains. How much slower can it get?