Crossrail and the East / West Link
Sadly, Crossrail belongs to TFL, so it's very unlikely that through trains from Cambridge to Oxford via Kings Cross will ever be allowed, no matter how useful. (Oxford is due to be wired in the next few years).
The East / West Link is however likely to be built, it's in the strategic plans, other possibilities are Via Hitchin or Stevenage, but again development has encroached. Peterborough to Bedford via Corby is still possible, but very roundabout.
The plans are actually for a new route through Sandy or Stevenage, rather than using old track bed.
A carriage full of nerds, my idea of hell.