It wouldn't be the Teign Valley line. My alternative Dawlish Avoiding Line suggestion cuts around five miles from the Exeter to Newton Abbot route by taking a new direct route tunnelling under the Haldon hills, and only connects to existing routes near Teigngrace and Alphington. Although partly reusing the right of way of the old Teign Valley route at its extremities this would actually be entirely new double track construction cutting off the 'Heathfield corner' via the ball clay pits and avoiding the slow winding progression along the valley via Dunsford. Interestingly at around 14 miles this is no greater in length than the longer variants of the GWR 1930s proposals and goes through less populated country, some of it 'brownfield' (the clay pits) and some following the existing busy A38 transport corridor (clearly not actually on old the Teign Valley alignment which is under the road). Like other DAL options this would allow express trains to bypass the coast line, and assumes the old route would continue to exist for local services for the long term foreseeable future. With a significant reduction in the number of trains that have to use the sea wall it should be a great deal easier to obtain safe access for routine and preventive maintenance of the structures, allowing a continuation of the kind of major reconstruction and strengthening we have seen following the recent damage to occur along further stretches into the future and hence this should help to safegaurd the Dawlish route. The existing line is already equipped with 2-way signals that can be used easily to divert westbound trains onto the inner track closest to the cliffs, normally only used for eastbound traffic. This can be used at quiet times now to secure a safe traffic-free worksite for maintaining and repairing the wall, and is useful during emergencies or during very rough seas to simply keep the trains further from the waves. The high level of traffic on the line now means this facility cannot be used very often however, without causing delays. If the expresses were removed to a fast bypass however, there would be many more opportunities available to close one or sometimes both lines for maintenance which might then be carried out in complete safety during the week, not during expensive weekend (noisy!) night shifts when other worksites thoughout the rail network are also competing for scarce manpower and plant.
http://www.townend.me/files/southdevon.pdf (updated to v6)