Amtrak Cascade has trains that can do 125 mph but are throttled to 78 mph because of low quality tracks, as I understand it. Amtrak also recently just started running many more trains per day between Seattle and Portland. High speed rail is great, but maybe a good starting point would just be… fixing the tracks. Get 3 1/2 hours from SEA to PDX down closer to 2…
I think the tracks are the most expensive part though, no? Although I'm not sure if you mean the physical tracks are in poor condition or the layout. If it's the layout, that's not much easier to fix than building a HSR. They may not even be able to fix the railroad company owned tracks?
Sharing track with freight is a PITA: the freight trains don't care about going fast (so no really straight tracks) and they often have priority especially if the cascade is running off schedule, causing even more delays.
Not sure where they are going to build new straight-enough HSR track unless they employ lots of viaducts like china does.