Adam
A little bit of clarification perhaps. I have found the signalling diagrams for the ND&CJR crossing loops at Hole, Hatherleigh and Petrockstow. They were all opened on 27/7/25 to what the late George Pryor called SR "Light Railway" Signalling. I don't think there was anything particularly SR about the signalling, it is just about the basic minimum you would expect on a light railway. Each loop was worked from a 7 lever ground frame on an elevated stage work and note up is from Halwill to Torrington. Levers 1 and 2 were the down home and starting signals, 3 the up end loop points and EFPL, 4 the sidings points and EFPL if facing to passenger moves, 5 the down end loop points and EFPL, 6 and 7 the up starting and home signals. The signals were all standard SR rail built posts of minimum height. There was no legal need for distant signals but two were provided, down at Hole, up at Hatherleigh, presumably to cope with sighting of the respective home signals. Single line control was by Tyers No6 instruments located in the station buildings and one pull releases were provided on the starting signals, although apparently not at Hatherleigh which I think is a drawing error rather than actuality, it makes no sense otherwise.
In respect of your model it seems more likely that had a goods only loop existed on the ND&C it's signalling would have logically followed that of the passenger loops, but my scenario outlined earlier is broadly speaking more likely a WR provision on a former SR line. As ever rule 1.
Regards
Martin