In the very, very long term, as far as Little Eaton its just about possible, but after that it would struggle to be viable and, due to infrastructure damage almost impossible north of Kilburn.
In addition the old formation met the main line at Little Eaton Jcn and thence formed the up goods line. That is still in use by heavy rail from about half way between Little Eaton & St Mary's and thus a new alignment would be necessary to take it, perhaps towards Pride Park, through a densely built up area of shops, factories and houses along Alfreton Road.
Taking a flight of fancy, we could have had trams from Little Eaton running over the GN bridge (demolished long ago) over the MML near Alfreton Road, over Skew Bridge (still extant) near Duke St with an interchange somewhere on Chester Green or, if the old GN Tunnel under West Parade hadn't been filled in, near to the Seven Stars pub on Queen Street... wow what might have been possible.........
So, in my humble opinion very, very unlikely indeed - a cycle way or pathway as suggested above looks about the only credible use for it.
Very unlikely, but I think the HS2 station at toton could increase the possibility slightly. I'm assuming that the NET will link up with it. and I'm sure that derby could support a tram network if it had the desire for one.