Isn't the line between Combe Junction and Liskeard protected by some form of electric token block?
Yes. There is an electric token system for Liskeard - Moorswater and a separate train staff for the Coombe - Looe section. In addition to the SB instrument, there are auxiliary token instruments on the branch platform at Liskeard and at the Moorswater Siding. In order to enter or leave Moorswater a token is required to unlock and operate Coombe No.2 GF (which only operates a trap point protecting the single line from any siding runaway). This may be obtained from the local auxiliary instrument for an outgoing service or given up once an incoming movement is wholly within the terminal (and the GF restored thus releasing the token key from its lock mechanism), allowing a locomotive and train to be 'shut in' to the facility to shunt whilst a passenger train can run on the branch. The branch from Coombe to Looe is accessed by unlocking and operating Coombe No.1 GF; that needs both the Looe - Moorswater token AND the Coombe - Looe one train staff, but unlike No.2 GF the token and staff keys are released from the lock mechanism with the junction points locked and lying towards either Looe of Liskeard. When no freight is running, the passenger train crew retain the token and staff, cycling the token through the Liskeard branch platform auxiliary instrument (under signallers instruction) to operate the platform stop board TPWS which gives starting signal protection for the single line beyond. I think this also allows a passenger train to be 'shut in' the branch platform whilst a freight runs between Liskeard yard and Moorswater (or vice versa). Whilst a passenger train is between Liskeard and Looe however, no other train may run anywhere on the line, as the passenger crew retains the token, preventing withdrawal of another from any of the electrically connected instruments.