It was double-track right up to the bridge on the Devon side but singled back to St. Budeaux (FRd) to save a bridge span over the SR line in the '70s - this would be the place to start.
.
That would shorten the single line over the bridge by around half a mile, half it's current extent, and improve standage clear of the Gunnislake branch junction*, little more than the length of the platforms at St Budeaux today. In both directions, signalling has delayed yellow Warning routes for approaching the signals protecting the single line with restricted overlaps clear of the turnouts. This ensures an up arrival at Saltash can be made while a down train is proceeding across the bridge for example. Such a short section of single line, if practically unavoidable, can be managed effectively by a little pathing time added to the timetable. Clearly that wouldn't work on a really busy railway but Cornwall is not exactly London commuter territory.
* Edit 25/8 : On the down the standage is just over 500m for a main line train standing in St Budeaux Ferry Rd clear of both the single line over the Royal Albert bridge ahead and the branch junction behind. On the up its much tighter at around 200m so the tail of a long IET would still be blocking the single line if stopped in the platfrom for any reason. Clearly signallers will know this restriction and try to avoid such a combination of movements if it blocked in a train waiting on the down line for the single line on the Devon side, but it's bound to happen occasionally, especially in event of train or infrastructure failures or late running. Lengthening this section of double track to finish as close to the bridge as possible would be a good project to improve throughput, flexibility and reduce operational performance risk. I wonder if that 70s bridge span over the Southern is approaching renewal any time soon...
Edit 25/8-2 : Looking at photo sources, the remaining bridge is unlikely to be a 1970s structure, being an arch truss design. Old maps suggest the double track here was carried on two separate structures over the LSWR. It looks like the 70s work was to remove another span alongside formerly carrying the down line, maybe an earlier original structure, leaving the current arch truss, later but still old. A signalling record society diagram depicting the layout in 1908 already shows double track at the bridge so the remaining span may be over a century old. I'm not saying there's anything wrong with it at that age and it may well be able to carry on for another century or two with good care and maintenance. However, if there's a desire to change the location of the single to double transition then it might be worth considering replacing it early with a modern span for lower maintenance costs in the future. Then it's a fairly modest upgrade for the bridge alone to carry two tracks instead of one, although clearly to implement a scheme there's the cost of the additional track, wider earthwork and other structure refurbishments, signalling etc. For signalling, although much lineside equipment would be new, the interlocking and signalbox elements could be relatively unchanged as the new turnout position would look exactly like the old one to the system and control panel (I'd change the restricted overlap to a full one clear of the new junction position though with the warning route on approach upgraded to a main, a fairly small change).
Or perhaps more utilisation of existing passing loops, such as more trains skipping Totnes if this is possible. Also resignalling Castle Cary-Cogload junction to a higher signal aspect, so fast trains don't catch up to a semi-fast traversing the long block between just beyond CLC and Somerton.
Totnes is often suggested as a candidate for missing express calls to save time. Operators are not keen on this as the station consistently proves a lucrative source of revenue for long distance travel due to the popularity of the trendy town and its South Hams hinterland with London arts and media professionals, among others. Practically, timing an overtake there would require a long dwell for the stopper, possibly up to ten minutes, due to the long block sections on approach.