As things currently stand, the WCML's speed differentials apply only to tilting trains. This is partly due to politics, with Virgin wanting to block any competitors on the WCML after they invested in new tilting trains, and partly due to track design, in that the rate of change of cant on the sharper curved sections has been optimised for tilting trains.
There are sections of the WCML where a 397 could happily do 125 mph in theory, but where the lack of TASS prevents it from doing so. That may change in future. As stated above, test trains have run at 125mph without tilt, but nothing has run in passenger service, nor - as far as I am aware - is anything currently authorised to do so.
The route section from Preston to Golborne has several bendy sections, where tilt is necessary to achieve the higher speeds, and as such is not an area where a 397 could run at higher speeds, other than for very short intermittent sections.
When HS2 services start running their publicised journey times rely upn a change in the rules to allow non-tilting trains to run faster on the WCML. Some changes to rate of change of cant on certain sections of track will be necessary for this to take place - it's not just a paper exercise and changing a few signs, it's real spades in the ground work required.