I'm afraid I fail to see how reinstating a second platform at Pembroke Dock would help provide an hourly service on the branch.
It's a half hour journey between Tenby and Pembroke Dock (30~33m down, and 28~29 minutes in the up direction, per the public timetable). If you want an hourly service from Tenby toward Pembroke Dock, the train heading toward Pembroke at (say) 07:30 will need to be off the single-track by 08:30 to make room for the next train. If we accept that there's not enough time to head down to Pembroke Dock, turn around, and get back to Tenby reliably within the hour, are you thinking of having the unit "step back" an hour by using the second platform at Pembroke Dock?
If so, then that 07:30 train from Tenby would pull into Pembroke Dock around 0800. The single track would be occupied by the next (08:30 ex-Tenby) train from 08:30 until 09:00. If you leave at 09:00 on the mark, you'll be at Tenby
just before the 09:30 to Pembroke Dock is due to occupy the single track. But what if one of those trains was running late?
Stepping back one hour at Pembroke Dock allows you to plenty of turnaround time, but it doesn't deal with the issue of recovery time, which is needed to deal with late arrivals of incoming trains. And it means you have a train (and staff) sitting idle in Pembroke Dock for an hour, only to be replaced by another idle train.
I agree with
@anthony263 that the three level crossings west of Tenby which have stop boards (Beavers Hill, Manorbier Newton and Llanion) are of greater importance. At each of these, the trains has to decelerate (from a linespeed of 50mph) and come to a full stop, before moving off again. It's almost the equivalent of having three extra stations on the line (except the guard doesn't need to release the doors)!
If we take a guesstimate that roughly a minute and a half is lost at each of these stop boards, then closing or automating these crossings would save five minutes each way, or ten minutes on the round trip. That's enough time for crew to change ends, and a little bit of recovery time too. It might be prudent to hold inbound (down) trains at Whitland or Carmarthen for a few minutes' recovery time too.
(There is also the point that the single track between Tenby and Whitland is timed for half an hour each way as well, so there's not much wiggle-space there. You'd also need some time to exchange tokens at Tenby and Whitland. The replacement of 153s with 170s in a few years' time may help with that, as the timetable could be rewritten for a faster-accelerating unit.)