Sounds like a good idea, but the track bed just south of Stratford station has been built on, the Evesham Road level crossing was done away with and a new road scheme laid in it's place quite some time ago. It could be very difficult making a new connection into the town from Long Marston because of this.
About a mile or so of the trackbed beyond Stratford station has been built on - most of the route as far as Long Marston is now a cycle track/footpath.
I seem to recall a study was done a few years back identifying a route through Stratford, but I can't find anything now.
I think it more likely that trains would be routed via Leamington/Warwick as suggested in the news item, although I suspect Chiltern may have objections to this if FGW were to muscle in.
Regarding Honeybourne, I don't beleive this is (or ever was) a spur from the Oxford direction towards Stratford/Long Marston - so a new alignment would need to be identified. However this would rule out Honeybourne as a stop so a reversal via the existing spur from the Evesham end is more likely.
Thinking further, perhaps a better (and much cheaper) solution would be better marketing of the existing service - Oxford-Stratford can be done with a change at Leamington in around 1h 40m, I can't imagine it would be much quicker via Honeybourne (Oxford-Honeybourne 50-55 minutes currently). Admittedly based on the current timetable a morning in Oxford/afternoon in Stratford scenario is pushing it, however.
Thinking further ahead (here I go again), if the GWR ever do reach Broadway (notwithstanding their current infrastructure problems), that would put them within a stone's (lump of ballast?) throw from Honeybourne - perhaps one day through trains may link Stratford and (almost) Cheltenham again?
Sorry - bit rambly I know - should think before I start typing instead of going off in tangents mid sentence
