I've structured my post so it's a bit more digestible!
Southbound
Trains are quite well flighted from Cambridge to avoid the stopper having to be overtaken. In most hours, the Brighton (9SXX) leaves at xx:23, the KGX stopper (2CXX) at xx:26, and the fast Kings Lynn - King's Cross (1TXX) at xx:44. If the stopper is on time leaving Cambridge (and it usually is, having over half an hour of dwell time in P2/3) it clears Hitchin four minutes before the 1T presents itself.
Thameslink trains have a shorter turnaround at Cambridge and being prone to incoming delay, do often follow the stopper out (or delay the stopper), but the stopping patterns of the 2Cs and 9Ss are smart, since Ashwell & Morden is served mostly by the Brighton and not by the local, so the locals only have two more stops than the Brightons along the branch.
The Royston branch is not all that long, and Letchworth is only 3.5 miles from Hitchin after which the 1Ts cross to the fast and the 9Ss stay on the slow until after the Stevenage stop.
The newly instated Letchworth starters/terminators (1LXX) might on the face of it benefit from a terminating platform but since the depot on the down side to the east, you are right it would need to be to the north of the existing platforms (like a mirror image of Bishops Stortford). There's space for the trackwork from the depot, though you'd need to install a crossover to the up immediately south of the station. And if using it as a loop, also points allowing access to back the down Cambridge line.
I have been held a couple of times on the 9S approaching Letchworth for the 1L to clear the platform, but all in all there's not much benefit in a platform 3 over holding the starter in the depot if you really want to give the 9S priority (and they don't!)
Northbound
Coming from London, delays do accumulate up route, and sometimes things can get out of order. Into Cambridge the 1Ts do often have to closely follow delayed 2Cs into Cambridge but if a theoretical platform 3 existed at Letchworth to loop the stopper, you'd just be adding an awful lot of delay minutes to the 2C when you have a comfy five minutes dwell for the 1T at Cambridge anyway (little splitting and joining these days of course) and the 9Ss terminate.
In practice, Hitchin P2 is used as the passing loop to hold the 2Cs and 9Ss, since the 1Ts diverge from the Down Fast to take the flyover north of the station, which gives an option to "loop" trains only a few miles before Letchworth anyway.
Finally in terms of looping on the down at Royston, where there aren't currently any terminators, you're that close to Cambridge by that point that if you haven't already held the 2C at Hitchin as above, you don't lose that much more time to Cambridge anyway. There should be a 7 minute gap between the 2C and 1T arriving at Cambridge (and the 2C is only once an hour outside the peak) so there's reasonable contingency for the 2C to lose the typical few minutes but not impact the 1T.
So I'd say nice idea in principle but it's already a pretty flexible piece of branch line railway!