Let us suppose the LSW route is reopened with an hourly service, that decent speeds can be maintained, and that crews maintain route knowledge, and that there is a contingency timetable with good paths which would add approximately 30min to the direct journey time.
Realistically, this would allow for 1tph to be diverted, because there wouldn't be enough rolling stock or crews for much more (assuming some service is required over the open part of the GW route, eg Plymouth-Teignmouth).
I labour this point because this current thread was triggered by the dastardly deeds in Mutley. The line there was completely blocked for less than 24hr; after that 1tph was maintained over the GW route for the rest of the week with delays generally well under 30min.
So, had the Okehampton route been available, it would have been needed for diversions for just 24hr, after which a better option would have been to run via the GW.
I am ex-SR and would love to see Okehampton-Bere Alston reopen, but its use as a diversionary route will never make the business or strategic case.