Do keep up! There are already outline plans for a diversionary route inland from Dawlish running nearly directly from Exeter to Newton Abbott. This will permit trains to continue to serve Newton Abbott and Torbay directly as well as Plymouth and Cornwall.
This has all been done to death before in other threads.
A "direct" route would be a benefit all year round (not just a handful fo weekends when there's engineering work or the highest of tides).
It would mean faster services from Cornwall/ Plymouth/ Torbay to Exeter/ Civilisation*.
It would make services more reliable (at the moment, the long distance services can easily be stuck behind the Torbay stoppers - at the moment the stoppers can take over forty minutes to get from Newton Abbott to Exeter whilst the long distance high speed services can take under twenty minutes - and any delay further north/east can mean that a Voyager/ 802/ HST ends up stuck behind a plodding Sprinter - a diversionary route would mean a faster journey for the longer distance passengers but also a much more reliable one, since any delays wouldn't inevitably mean following a 75mph DMU.
It would permit more local services to serve the local stations (Dawlish etc), since they wouldn't have an express chasing down their throat.
If the Okehampton route wasn't something closed down generations ago then it wouldn't be suggested now - it's significantly longer, it'd be very slow (given the terrain), there's only one place of any size (Tavistock, sub-15,000 people) - I've no problem with reconnecting Tavistock to Bere Alston with a simple shuttle towards Plymouth but let's not pretend that a route through OKehampton/Tavistock would ever be a "main" line - it only ever gets suggested by the kind of nostalgists who have a soft spot for building mass transportation through rural areas or some fantasy about reconnecting Waterloo to Tavistock because that's how things were a hundred years ago.
In fact, an Okehampton route would be so slow that a Rail Replacement Coach could probably make it from Exeter to Plymouth and back to Exeter along the fast A38 before a diverted service had trundled along the slow Okehampton alignment (with long sections of single track?) - the Stagecoach "Falcon" service takes around an hour to get from Sowton to Plymouth, which is similar time to the token GWR DMU from Exeter to Okehampton. And, the Stagecoach service has intermediate stops that a Rail Replacement Coach wouldn't have to worry about.
So we'd be spending hundreds of millions of pounds on an Okehampton route on the basis that it'd be nice to have a diversionary route a few days a year (so that a few people could sit on a train taking a couple of hours from Exeter to Plymouth, rather than putting them on a coach that could do the journey in half that time)? Or we could spend the money on a route giving people faster journeys on a daily basis, more reliable services, more scope for local services and finally making rail competitive from Exeter to Plymouth.
My point is that diversions alone won't justify the investment in an alternative route, so the route selected for a second line will need to generate traffic of its own (rather than abstracting from the coast route) for the next 30+ years outside of the few days each year that the Dawlish route is unavailable.
Agreed - all of this guff about "diversionary resilience" gets a certain type of enthusiast excited but it doesn't add up to a business case - there's certainly an argument for a Tavistock to Plymouth service (frequent commercial bus service, clear daily demand from the town to the main city in the area, no "pie in the sky" stuff about nice-to-have once-in-a-blue moon stuff) - but if you need to rely on "it'd be handy for a few days a year" to try to justify re-opening some rural route then that shows it's a pretty weak case - there are many areas where we could make genuine improvements for passengers day in day out - it's not like there isn't a long list of improvements we could be making to UK infrastructure.
But, I guess that if you're obsessed with re-openings then you're going to try to justify re-opening old lines at any opportunity.
(* - tongue in cheek - I can't be bothered to list the large number of places east of Exeter that would benefit)