BEMU'S would likely allow a substantial part of local Bristol area services to move to electric operation.How many existing services would actually utilise OHLE on an electrified Filton Bank? The only service I can think of that will are Cardiff-Taunton/Penzance ones now they are almost exclusively IETs, but the disappearance of London trains from that section, except during engineering work diversions, limits the potential without the electrification going to other lines in the area.
Portsmouth to Cardiff could certainly look to go to BEMU'S as well although electrification would likely be needed between Bristol and Bath as well.to allow this.The Filton Abbey Wood terminator could, if the chord was also wired enough for the shunt move. Although that would then complicate the Henbury loop reopening proposal.
Any IET would obviously benefit, and there's a fair about of early and late empties that would be able to use it although that's obviously relatively marginal in the scheme of things.
For big benefits, you'd need to split the Cardiff-Portsmouths (possibly impacting the revenue) or change their stock to a bi-mode (expensive tender process...).
However, if viewed within the framing as 'phase 1' of a wider Bristol area decarbonising programme, there's a lot more benefits as it deals with the difficult bits to make later phases easier, especially with air quality being a big focus right now.
Operation of class 387's via Parkway would also increase flexibility to deal with high demand days like Glastonbury, Bath Christmas Markets etc.