The Hope Valley route is plagued with over 7 miles of victorian-age tunnels (Totley, Cowburn, Disley) requiring constant maintenance. The Woodhead route, with its 1950s tunnel and only one other tunnel (at Thurgoland), wins hands down in engineering terms. It is a scandalous waste of assets that this relatively modern route was abandoned. It would be possible to do Manchester - Sheffield in 30-35 minutes via Woodhead, an impossible timing via the Hope Valley. The absence of intermediate stations (only Penistone) is a distinct advantage, it leaves the way clear for fast trains.
We need both routes; Woodhead for fast trains Manchester - Sheffield and eastwards; the Hope Valley for local services. Freight can be routed either way, depending on origin/destination. We cannot wait for HS2, we need improved faster Trans-Pennine routes now. Woodhead could form the backbone of this. First, reopen the existing route between Manchester and Sheffield; later, construct a "triangle" near Penistone with a new fast link to Leeds. Ultimately, this would form part of, or connect with, the HS2 line (if/when that ever reaches Yorkshire!)
People dismiss the Woodhead route because of poor connections at Sheffield. It may be feasible to construct a short spur to the Midland route (admittedly at a cost). Alternatively, provide a new station on the north side of the city, linked into the Supertram network, and/or to Meadowhall. And use the route via Beighton Jcn and Tapton Jcn to join the Midland line north of Chesterfield. The Woodhead route points directly east via Worksop to Retford to join the ECML, so there are big opportunities for new fast services.
Modelling-wise, I agree that Woodhead offers great possibilities, and I have seen several inspiring layouts. What makes the route so special is the magnificent scenery and the unique electric locos.