This is what IEP should always have been... an effectively off the shelf tried and tested train, specified in appropriate lengths and quantities. Why duplicate all the design and specification effort? You don't need to be stuck with a Pendolino as is, there are any number of quality IC trains from Europe and elsewhere which could evolve into a UK HST2 - a Javelin or TGV evolution perhaps.
A promise of a big enough order would justify their construction, or at least their assembly, in the UK a la Hitachi, should that be a political priority.
It is a shame that the world has moved on since a few mavericks at Crewe and Derby were able to cobble together truly revolutionary trains such as APT and HST. But so many private companies are producing high speed trains that we don't need to do that any more.
The HST's ongoing success (some of which only being realised in the last couple of years) was down not just to its good design, but also its flexibility and universality, so that even if certain routes or operators decided to dispense with them, they are completely useable on other routes.
Thus in future, you'd have a fairly universal Intercity fleet, cheaper to operate, easier to maintain, more flexible and easy to redeploy.
Of course you'd have to spend some of the money saved on electrification to fully exploit such benefits. For non-electrified sections, use Voyagers/Meridians/Adelantes on secondary routes and new off-the-shelf diesel units (Meridian or Turbostar based?) for primary non-electrified 125 mph routes.
As for this particular situation, it is a shame that political dogma may have blocked the simpler, cheaper, more passenger-beneficial route of commissioning these on the WCML, where they are needed not in 2012, but right now.
Perhaps part of this is evaluating the operational possibility and passenger reaction to a Pendolino derivative as a lower-cost 225 replacement. So it is maybe not as crazy as it first seems.