The original problem is that TfL consider there not to be sufficient
demand to sustain the *current* level of service to central London
(whether that's Oxford Circus etc or Euston only) - I highly doubt that
an *increased* level of service would be viable - certainly not fundable.

If it's not feasible to increase the peak frequency of the Euston
service due to the Euston approach, then the Euston service can't
replace the Bakerloo. And I doubt TfL would want an "Underground"
line, if it runs at all, to run at less than the current 6tph
(off-peak) that the Bakerloo has to H&W. So if they're determined to
cut something back then I can see why the Euston service may not have
a future