Liverpool Lime St is a member of Liverpool Group.
Bletchley is the only appropriate routeing point for Hemel. Hemel is also a related station to Watford Jn but Watford fails the fare check.
Routeing permissions for Liverpool Group - Bletchley are:
CH+EJ, EV, GV+LC and ME+EB
Mapped routes are:
CH+EJ
No applicable LM Only routes
EV gives the route straight down the West Coast and most permutations of routes via the West Mids. The others give no other alternatives applicable to the routeing on your ticket.
Unless I have missed an easement, I do not see any way in which your ticket is valid via either Watford or Euston.