As I see it there's three options:
1) do nothing, other than maintain the existing, although this week at some point this will become difficult, this is unlikely now, but what about in 20 years time, and do we wait until it's too late to do the next thing
2) build the Dawlish Avoiding Line (DAL) however this doesn't create any new paths to/from anywhere other than that already served, adds a significant amount of extra track to be inspected and maintained for little benefit (also, in doubt anyone is suggesting that the DAL would also lead to the abandonment of the coastal route anytime soon after it's built)
3) build the link between Okehampton and Tavistock (which BTW didn't require any extra rolling stock as the trains would cover the distance in the time they would otherwise be sat idle at the end of the branch), with works to the WofE Line (more doubling would speedd the line noticeably if done right) in a post Crossrail 2 world it would be potentially possible to run 2tph Waterloo to Plymouth. Potentially with a start date of the new services in 2045.
OK, few would bother travelling the full length of that service (although some would) but then how may do that on the long XC services, the reason for it is to create a lot of short hop journeys without everyone having to get off a train.
It would also be attractive for other reasons (you could go direct from Clapham Junction to Plymouth, rather than getting to Paddington and then getting the faster services or getting to Basingstoke, changing to go to Reading to change again).
From London to Salisbury it would be mostly serving those London and Home Countries passengers which would generate a decent return on the investment and most of the rest of the way the passenger numbers would only really need to slightly more than cover the running costs.
Note here's the interesting thing. By providing extra capacity by using the WofE Line, then it actually potentially proves the need for a new line (and/or upgrades to the B&H and building the DAL) to then run me services from London (maybe not Paddington, but ideally somewhere like there).
Currently there's what 2 or maybe 3 fast trains an hour between Exeter and Plymouth, that's nowhere near enough to justify a pair of tracks costing significantly more than the Okehampton route but giving very few advantages (over a few minutes of time savings).
As I said, there's should be a plan for what happens in (say) 20 years time, not just ignore it and see how things go until it's too late and there's a 3 month line closure.
Should we build via Okehampton tomorrow, almost certainly not, but that's not what I'm suggesting and the above isn't something which was considered as part of the NR assessment of the route via Okehampton.