There are huge bottlenecks and the punctuality and reliability of the line will nosedive if 4tph resumes, especially in the peaks and shoulder peaks.
I remember at some point a little over a year ago that if GE services return to pre-covid levels, 2-3 745/1's would be needed per day, which would impact WA availability for 4tph. They are already being used on occasion if a 745/0 isn't available (e.g. due to overrunning maintenance).
Based on discussions with family, peak services are now ~90% capacity of pre-covid levels on WAML, so an increase in services in May will be mandatory to keep up with demand (but we all know what opinion DfT would take to that...)
It would make sense for the 720 to take on the Stansted duties.
I've been on a few late evening/night SX services, which are already run by 2x720's, which are horrendous choices for airport duties given their interior layout (3+2 seating, effectively no isle, no luggage racks), and not particularly well designed for their current roles. Not a good sign for if GE need more 745/1's
Best choice would be get rid of the 745/1's on WA and give them to GE, and get the well - designed 379's back for SX, while running them in 8 or 12 car formations (the fleet is 30 strong, so would allow 10x12-car trains to be used most of the time for 9 diagrams). Unfortunately, DfT would be the main opponent to such a move.