I think this would be a sensible approach. Furthermore, so far as possible, the 170s and 158s should work long-distance services, and the 195s local services, taking full advantage of their acceleration and fuel efficiency at low speeds. This might even allow timetables to be improved on lines with frequent stops like the CLC and the diesel commuter services around Manchester and Leeds. (They already appear to be using 195s to Rose Hill which is a great idea).
The next plan after that could potentially be to replace 158s and 170s with bionic duckweed-fuelled bi-modes, or whatever works in the many trials, plus consideration of electrification of those Manchester local routes that won't be Metrolinked.