You'd be surprised the impact 10-15 mins journey time reduction on cross border journey times could make.
Fag packet numbers:
Total mode share at the moment is around 25% rail, 75% air.
Air passengers Glasgow/Edinburgh - London is around 7million.
So each 1% gained of the air market is 100,000 new passengers.
Predicted post HS2 time to Ed/Glasgow is 3 hours 40 minutes.
Studies show this equates to a likely mode share of around 35%.
http://www.silverrailtech.com/blog/when-do-people-switch-train-over-flying-35hrs
Getting the time down to 3.30 or better would increase market share to 50%.
So you're looking at 1-1.5m extra passengers to rail. Basically each minute you save on journeys between 4 and 3 hours will give you very big market share benefits.
I am afraid your calculations don't add up, at least with the figures you have quoted. For instance 1% of 7 million is not 100,000.
You say rail is 25% of the market. That makes total market somewhat under 10 million, because you stated air was 7m at 75%. (I am assuming you are not taking road into account).
So rail is roughly about 2 1/2 million.
Now using these data, I think you need to look at your concluding calculations again.