Both TSR2 and P1154 were ridiculous committee designed aircraft and both had NO future irrespective of which Government came in to power in 1964.
TSR2 was obsolete as a concept by the time it was cancelled as it was a straight nuclear weapon system that was terribly handicapped by the "supersonic over the target at 60k" element in the original Air Staff Target.
It is wrong to say that the RAF gambled everything on TSR2 when they agreed to the P1154 cancellation. By 1964 the Air Staff were fully aware that TSR2 was unaffordable and it's fate was sealed long before Wilson and co got hold of the reigns of power.
P1154 was just a total failure as a concept, both in broad terms as a 2 seat interceptor for the RN and a single seat tactical strike aircraft for the RAF but mainly because Plenum Chamber burning, upon which the entire concept was based, simply did not work! It didn't work in the 60's and it didn't work in the 80's when RR and BAE tried it again.
Had TSR2 gone ahead it was going to be called the Claymore and 40 Squadron were to be the first squadron to be so equipped, stationed at Coningsby.
IF it had gone ahead it would so have distorted the RAF front line that it would have been disastrous for the future of the service. In it's last iteration only 50 could be afforded, and they were to be spread between the UK, Germany and the Far East.