A new line between bridgend and Cardiff certainly is a good idea
It would seem a bit difficult to justify on the basis of one or two trains an hour though with stopping services still needing to use the existing route.
It could be quite a bit more than 2tph though, and certainly not as low as 1tph.
There are 2.5tph already (or were pre-COVID) running non-stop between Cardiff and Bridgend, although I think the 0.5 (the Swanline stoppers) should probably call at all stations (and run hourly) rather than running fast between Cardiff and Bridgend. At least pre-COVID, I felt that the service pattern (with full electrification and the improved acceleration of EMUs to deliver more calls on the suburban services) should be something like this:
- 2tph Maesteg - Ebbw Vale / Abertillery (all stops)
- 1tph Swansea - Hereford (all-stops)
- 1tph Swansea - Bristol Temple Meads (calling at Neath, Port Talbot Parkway, Pyle, Bridgend, Cardiff Central*, Cardiff Parkway*, Newport*, Llanwern*, Magor*, Severn Tunnel Junction*, Plining*, Patchway*, Filton Abbeywood* and Stapleton Road*)
- 1tph Swansea - London Paddington
- 1tph Swansea - Manchester Piccadilly
- 1tph Carmarthen - Portsmouth Harbour** (calling at Llanelli, Morriston Tawe Valley Parkway, Port Talbot Parkway, Cardiff Central, Newport, Severn Tunnel Junction, Filton Abbeywood, Bristol Temple Meads, Bath Spa, Trowbridge, Westbury, Warminster, Salisbury, Romsey, Southampton Central, Fareham and Portsmouth & Southsea) with extensions in some hours to/from Milford Haven and Fishguard Harbour (twice a day in the case of the latter, to provide ferry connections)
* These stations would also be served by a GWR Cardiff-Bristol/Taunton service, giving them a half-hourly pattern
** I wouldn't be at all bothered if this terminated at Cardiff Central with the Cardiff-Portsmouth remaining a seperate service
That is 3tph stopping (in red above), 1tph semi-fast (in orange) and 3tph express. Combine that with freight and I doubt it could all be accomodated on the existing 2-track railway between Cardiff and Bridgend so you would either need full/partial four-tracking of the existing route or a second route. A new line would have the advantage of being shorter, helping to acheive the Welsh Government's very ambitious journey time targets for Cardiff-Swansea and Cardiff-Carmarthen.
On the basis of my list above, you could have 4tph passenger and possibly some of the freight use the new line. If you were to have 2tph between London and Swansea (one with Didcot and Swindon calls and one without - the latter possibly ommiting Reading and/or Bristol Parkway as well) AND keep the Manchester (which in my view is more important than a second London) then you might be able to run a 20min interval fast service between Swansea and Cardiff, which would take passenger services on the new route between Cardiff and Bridgend up to 5tph.