I recall one of the main constraints on an underground East-West station closer to St P was the basements for Francis Crick and British Library. Could those now have new facilities built on the land already dug up at Euston to free up the space for an underground station? This would obviously cost more, but maybe some of additional cost could be recouped by building on the land set aside for what would have been the new Euston station and throat, which would be significantly larger real estate footprint than the proposed overstation development.
In a word, no. The basements of the FCI and Library go down much, much deeper than the workings st Euston, and the cost of relocating them would make the current cost challenge at Euston look like small fry.
Also the development on those sites is constrained in the same way as at Euston itself, namely protected sight lines (which is why both those building are not very high).