Hull would become the end of an electrified route to London and Leeds, but most services would still be diesel. Assuming it was electrified from Leeds and Selby, and the section from Selby to the ECML was also electrified, then Hull trains could be all electric (but then some service currently run on to Beverley, which is a much better rail head for those of us in the north part of the East Riding), but they have fairly new bi-mode 802s anyway, and the TPE route from Manchester is still years off being fully electrified. Scarborough - Sheffield services would still be diesel, as would local services from Bridlington and Doncaster.
Much as it dismays me to say it, being one of my connecting points for longer distance journeys, it doesn't warrant the expenditure. If the sort of money that would be needed could be found then there would be other far more worthy contenders, for example really crack on with the full TPE route, and the Calder valley route, and get these wired up quickly.