Don't thinks so, it's all lanes around there without pavements, might be a route across the fields somewhere.
theres a footpath / public access across Barwick Park from the top of Hendford Hill, but its a long way round and you really wouldn't want to do it.......
As for the bus service, for years buses weren't allowed to the Junction because the bridge over the Town - Pen Mill track bed was considered too weak, then around 20 years ago that decision suddenly got reversed - I suspect when Stagecoach got involved with the trains and told the County Council a few truths.
Historically, access to the Junction was always painful. Buses were banned because of the bridge, British Rail would only allow taxis licenced by them to pick up at the station, and because the station is actually a quarter of a mile into Dorset, fares into Yeovil crossed the border were totally unregulated and expensive. The killer was that they only licenced one taxi driver - a scruffy chap who also ran the station buffet on his own. So on a busy day, no buffet, or on a quiet day, no taxi. And even if there was a taxi, it could take an hour or more before he got back from the last trip.........
Another problem that Stagecoach sorted quickly
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And if you look now, you have Montacute, Stoke Sub Hamdon and Martock all now quite sizable villages along with Langport, which would have all been served by that line, also you could have had the possibility of a "Parkway" station for Yeovil on the A303. But hey, that's all long gone.
Shame someone hasn't got the brains to install a "Parkway" station for Yeovil at Sparkford just next to the A303 instead.
The problem with Montacute station was that it was too far from the village at the bottom of a hill, and even further from Stoke. The South Petherton > Yeovil bus service (Hutchings & Cornelius) ran a more frequent direct service to both Yeovil Town and Pen Mill, and ran through the middle of both villages, so most used that even if intending to later switch to rail. The station was only really used by the few people heading toward Taunton, as going there by bus would be slow and involve changes at either South Petherton or Ilminster