Personally I don't think the route was ready to become a commercial service however I think Cheshire East Council made quite an effort to encourage High Peak to do so, in an attempt to get it off the subsidy list.
The 2011 data released by Cheshire East Council gave 73,491 passenger journeys for a £129,914 annual subsidy, hardly spectacular numbers from where I'm sitting. They tried to cut costs,increase fares and reduce the frequency to make it profitable but the latter two had a seriously negative effect.
A few things to consider with the subsidy quoted:
1. The route takes an awkward amount of time to operate. One bus running a 90 minute frequency is a tight fit and delays at the start of the day can't be recovered. Two buses operating hourly mean long turnaround times.
2. There were two council owned Wright Cadets designated to the route at the time - incidentally where have the Cheshire Connect branded vehicles that Bowers used to have gone? They also had a DART that was usually used on the Prestbury route.
3. The council subsidy was actually proportionally lower when the service was enhanced to an hourly frequency under Bakerbus. The reason for this is the route also got two other subsides at the time - one from AstraZeneca and one from a government rural bus grant.
One idea that could be considered is Barclays run a works contract between Knutsford station and Radbrooke Hall - near one of the calling points on the 27 route. If the council/operator worked with Barclays you could probably get a profitable commercial service. You'd just need to ensure a half-hourly frequency at peak times on the Knutsford - Whipping Stock Inn section to match what the works contract that Barclays awarded to Selwyns offers.
Another idea would be to run the service at an hourly frequency but to extend it to Tatton Park instead of sitting idle at Knutsford bus station for so long, like the old limited service on Sundays and Bank Holidays.
If High Peak don't get awarded the new subsided 27 route, the 300 route will look even more out-of-place on High Peak's list of routes.