This project would effectively relieve every rail bottleneck in Manchester in one go.In the end, rebuilding Manchester will end up costing almost as much as just tunneling under the city and relieving all the bottlenecks in one go. Underground stations can be relatively cheap(comparatively), Woolwich only cost £125 million, and a 2 platform station underground at Manchester is fine. With ETCS headways can be minimised and you could fit up to 15tph assuming 3 minutes dwells and 1 minute reoccupation. It's a very reasonable move to just build a tunnel when designing a system truly fit for the future instead of trying to work around current boundaries.