AFAIK it was a cheap NR funded alternative to East Leeds Parkway that could be completed if the WYCTA funded station was not completed by the end of CP5, in order that the CP5 HLOS requirement of 2 extra Calder Valley trains into Leeds could be met.
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Inded WYCTA then cooled on the idea of the Parkway station when they realised that if HS3 is built, it would likely be bypassed by fast trains and have changed their preference to Thorpe Park. And it seems to have been decided to run longer rather than more frequent Calder Valley trains into Leeds.
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I really doubt it would be possible to complete such a major project by 2019, especially after the Hendy review of CP5. I was thinking of something with a similar budget to the cancelled turnback.
The latest draft WY Metro policy up for consultation states they will build a station at Thorpe Park. I've also heard it would have four platforms, presumably to allow expresses to overtake stoppers. If the line was four tracked that far, the fast lines could join the HS2 link to the ECML on the other side of the M1, but would HS3 trains and other 140 mph capable stock like the TPE Class 802s be allowed to use it or would it be exclusively for HS2 services? Is it better to four track to Micklefield?