Remembering aswell that there would either need to be 'hybrid' signalling with coloured lights and ERTMS or all rolling stock have ERTMS fitted that is using that line. Hence why the cambrian line was done first.
Implementing ERTMS on the lines isn't very hard at all compared with fitting the rolling stock, many more companines involved there. We know it's possible to fit ERTMS to a 158, and a 37 (97), but will 142's need fitting with it? Where would it be fitted in a 153? Or even a 156, it would need new cabinets fitting to house the equipment and the unit taking out of service for some time. Unlike AWS and TWPS, or to a certain extent even ATP or TVM430, ERTMS is not a simple system, and takes up a lot of space on the rolling stock. And if ERTMS is being implemented as part of the renewals process, any rolling stock that is to be kept past 2020 should be started to be being fitted with it (it's very hard find self contained branches)
For example, if part of the WCML was done, ERTMS would need to be fitted by:
Virgin Trains
London Midland
Southern
LOROL
East Midlands Trains
Cross Country
Northern Rail
Scotrail
DBS
DRS
Freightliner
and countless others, thats a much bigger challenge than fitting it to the line...