Exactly. This is a case where 'doing it right' first time means it will probably not happen at all; once it's up and running it will be popular despite the low speed due to the appalling congestion on the roads. And once it's running and popular it'll be much easier to justify enhancements.
Also, the 30mph issue seems overstated to me. The section of line along the gorge, i.e. the sensitive difficult bit, is only about 4km/2.5 miles so if the rest of the line can be improved this section would only add a couple of minutes to the journey at 30mph vs 50mph.
I agree, build it while the going is good. The line used to be double out from Ashton through Ciifton Bridge station and beyond there was a siding. Then, after that, only about two miles westwards, there was a long loop at Oakwood just east of Ham Green Halte. Then a bit further, the line was double through Pill onwards and there were further sidings towards Portbury, which leaves room for more doubling.
Thus I think that the line could most likely be all double save for the two miles alongside the river. With a little 'future proofing' I would hope that it would only be a few years before a half hourly service or better could be provided after this doubling work. I am just wondering if the morning rush into Bristol (and reverse in the evening) could be catered for by stationing two trains at Portishead and abandoning one service in the reverse direction, making for a half hour service at those peak times with a long gap in the other direction?