Even with that i still think a reversal at Bletchley is the easiest way to facilitate that service!
To me that's the fundamental point. Leaving aside all the detail arguments about specific bridges etc., and even taking generally the most optimistic assumptions about everything (i.e., even assuming you could debunk every last objection A0wen has listed), I still don't see the sort of advantages for building a chord which would be needed to justify the very large costs. You can still have the service via a reversal. Yes, expensive works might well be needed to provide a path for that, but even if very extensive they'd be at least an order of magnitude less expensive than building a chord, I'd have thought.
First off, Bletchley is still in the urban area of Milton Keynes, and I think MK residents would probably drive to it (or catch a bus) for the longer distance services to the East (and indeed West, probably).
Second, there's a lot of people talking about interchange of long distance EWR services with long distance WCML services at MKC. But it seems to me this is a bit of a red herring really, because if you're coming from Oxford or St Neots or Cambridge - there are other reasonable routes to the north and midlands anyway. We're talking about passengers from Bedford and closer, perhaps plus some people changing at Bedford from other nearby MML stations. For any potential commuting to offices - we are also talking about passengers from the same stations, mainly Bedford and closer. I suspect many (most?) people on any longer distance EWR service would actually find services making a detour into MKC and back to be a nuisance.
So - the train with overwhelmingly the strongest case for extending to MKC from the Bedford direction is the local service, and that service would clearly want a stop at Bletchley too... which it would skip if it went on this suggested chord. I'm really struggling to see the value of it...
