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This CalTrain document supports that (I bolded the part relevant to speed and grade separation):
Quote:
The California High Speed Rail Authority’s (CHSRA) statewide high speed rail service and Caltrain commuter services will share existing tracks, operating as a “blended system" between San Francisco and San Jose. The blended system will support blended service that will increase train frequency along the corridor impacting gate down time and traffic operations at at‐grade railroad traffic crossings. The purpose of this study is to begin to understand, with a modernized system:
- How the blended service plans potentially impact gate times; and
- How the changes in gate down times potentially impact local traffic at existing at‐grade crossings.
This information should be used to inform future decision‐making on how grade crossings should be improved to support modernization of the corridor and future blended services. Of high interest to all stakeholders is understanding if and where grade separations are needed to support a blended system. Since this corridor is not contemplating speeds over 125 mph, grade separations are not required. The Peninsula Corridor Joint Powers Board (JPB) with its stakeholders will need to go through a planning process to figure out what makes sense in terms identifying and prioritizing future grade separations.
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The two bullet points would appear to be the key criteria for determining future grade separation priorities. I have to think land availability would come into play as well.