Thing is, sheffield victoria would need building from scratch, it's even further from the centre than Midland snd you lose all the interchange possibilities
1 an hr Worksop or beyond, 1 an hr Leeds via Moorthorpe, 1 an hour Hull or beyond, occasional York via Pontefract & 1 or 2 Doncaster or Beyond(not Hull). Four or five trains an hour diverted to Victoria or tramway (see NB below). Barnsley/Huddersfield trains unaffected still serve Meadowhall. Some tram/trains to Rotherham could start on high platform adjacent to existing tram platforms to compensate for loss of previous connection. I would run a half hourly Dore-Doncaster (hopefully with more electrification and re-4 tracking to Dore in future). And run an hourly Manchester-Retford or Lincoln service with a combination of this and northern hub improvements.
NB. The tram-trains might therefore be better off high platform access. This would not proclude them sharing Supertram tracks. But would mean different stops. Perhaps a City Centre terminus formed on a one way return loop along Arundel Gate & Moor area. A Meadowhall south stop. And no need to make expensive alterations to platforms at any other station.