It’s an “interesting” suggestion on a scheme that has seen its cost multiply , partly due to the challenges of working within the gorge, to the point where it is on a knife edge as to whether it will proceed.
Are you actually familiar with the gorge? The idea that you could double the track through it is fanciful.
Sections of the gorge were built for double track, certainly the tunnel beneath the suspension bridge, but other infrastructure is definitely single. I’m not aware of any plans for doubling, though I think at one time there was talk of a passing loop in the gorge to allow half-hourly services (Pill and Parson Street don’t really work for this as too close to the respective ends of the service).
There have been extensive works in the gorge over the last year or so, with steel mesh netting installed to prevent rockfalls, particularly around the tunnel mouths - picture attached of one location. I guess this had been done outside of the cost of the passenger scheme, but I think there might have been one eye on preparing for this rather than to serve the more or less non-existent freight traffic. In places they have carefully cut the mesh around Bristol Whitebeam trees (a species native only to the gorge) while many other trees have been felled. There is already an area set out for planting replacement trees which I think is related to the proposed passenger scheme.
Regarding other costs, there will be station construction in Portishead and a lot of work required at Pill station. For the latter, the current track through the station was relaid towards the centre away from the platform when it was reopened for freight, so will need slewing back as well as installation of a second track. I think the proposed loop also commences on or before Pill viaduct where the track also currently still sits in the centre. Since the dock branch is off to the right, the proposal is to reopen the former down platform at Pill for passengers with freight staying on the up. This will need a lift tower and/or stairs to access from the road above.
The former up platform has level access at the north end, where there is also the former goods yard which could be used as a small car park and would be a better option for access, but I guess the cost of building and maintaining a lift tower works out less than the cost of making a loop or flat crossing with associated signalling at Pill for freight to use the up platform.
There are currently no plans to reopen Ashton Gate station, which is a shame as there is quite a lot of employment in that area and a decent cycleway linking to Hotwells/Clifton. Reportedly rejected due to potential football crowds.
Portishead station will be quite a distance from the high street and seafront, which isn’t going to make it very attractive for incoming visitors, so traffic will mostly be one-way in the peaks. The original station was right in the heart of the town, but since we aren’t allowed new level crossings it has to terminate 500 metres short.