I think that a brand new bi-mode fleet for Portsmouth - Cardiff, and perhaps also Cardiff - Taunton would make a lot of sense. Specifically designed for the route, so comfortable for long distance, but with decent sized doors to allow it to be decent for the many stops too. Once Bristol is wired, there will be a decent amount of electric it can use: Cardiff to Bath and Southampton to Portsmouth /Brighton. I would include a large battery, to allow energy recovery in braking, EMU like acceleration even on diesel, and allowing the diesel to be switched off in urban areas.
The 16xs released can then cascade further west. This would allow the retiring of the 150s and, with a big enough fleet, the HSTs as well.