I don't know if BoS are the natural competitor though I can see some logic. The X75/375 doesn't duplicate any other BoS services except within Bridgwater (save the 102 positioning runs and northern bit of the 29). However, does make the WS to Street corridor more confusing.
I'd like to see the 376 every 20 minutes to see if it could prosper further but not losing some of its Street journeys.
What about this
376: Bristol - Wells every 20 mins (With one an hour carrying on to Street)
29: Taunton - Street - Wells 60 mins (BOS)
75: Bridgwater - Street - Bridgwater 60 mins (BOS) (Replacing X75)
75A: Bridgwater - Street - Bridgwater 120 mins (BOS) (Replacing 375)
77: Yeovil - Street - Bridgwater 60 mins (BOS) (Replacing 377)
That would still provide Bristol with a direct link to Street. 4.5bph Wells - Street.
Transfer Yeovil to BoS then as someone mentioned they might do something along the lines of stagecoach 99 Taunton - Yeovil. Then maybe something to simplify the 57/58/58A.
And an idea I would still like if the 375/377 went to BoS and Yeovil to BoS is for BoS to run a route similar to South West Coaches 1 and then take over part of the 161.
Yeovil - Castle Cary - Shepton Mallet - Wells (Hourly) BoS
Wells - Shepton Mallet - Frome (120mins +) FSA
Would seem like a good expansion and a lot more work for Yeovil. Yes okay less work for Wells but I think if Yeovil is to have a future it needs to go to BoS and add some more routes.
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Another thing that wouldn't surprise me (If Yeovil went to BoS) is at somepoint over the next year or so is if the Dorset opps (Weymouth/Dorchester/Bridport) went to FDC and then some more new services. Like Taunton - Honiton/Seaton, Yeovil - Bridport (Again). Yeovil - Dorchester/Weymouth) Maybe extending the odd 30 from Axminster to Lyme Regis. And dare I even suggest something along the lines of Stagecoaches 4 into Exeter to compliment the X53!
Okay I very much doubt all of this will happen but there is certainly space in current depots for this, and I think Alex could do a good job of it. And one of the things First need to do is make good use of the current resources!