Nobody is going to travel from places west of Reading to access HS2. They will just go directly to Birmingham and beyond.
It would be 30 min extra (20 minutes train + 10 minute change) or 40 to be kind, then HS2. It's about 90-100 minutes from Reading to Birmingham, assuming your connection is kind.
You have to change once either route anyway, so I'm not so sure your assumption is correct. Everything will stop at OOC.
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If OOC is to become a major rail hub and all GW trains stop there could this become a future threat to Paddington itself?
No - you still need the capacity to terminate trains somewhere. Paddington could see itself as a "glorified terminus" potentially, although there's probably just about enough going on there - and a connection to the Bakerloo line - that it should be fine.