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Why is it ridiculous? Just a fugly tourer? Yes it is, but xt and deore for just over £500 with BM Dynamo lights. The bridle way I'm thinking is the Mary Townley Loop not a stone compacted NCN6 type one which I do on fixed 23mm tyres.
Sure it's got some unnecessary suspension but that won't do any harm in fact with some of the roads it might be kinder to my shagged left elbow. This is the functional thread after all.
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For the MTL probably be better off getting a cheap 29er or a cross bike. Pinnacle Ramin One is about 450 at the moment... or the next one up with a bouncy front is a shade over 500...
Larger tyres on a rigid bike > coil sus fork. The terrain round the MTL isn't too bad, depending on which way you go it's either a shit load of gates and some long draggy climbs or a shit load of gates and a bunch of short steep pushes. If you're riding round it at night, get a headlight or something bright as the dyno light it comes with is more of a 'be-seen' than 'to see' too.
Saying all that - I've seen people on supermarket BSOs rolling up and down various parts of the loop and Pennine Bridleway, so I'm sure you'll be fine whatever you end up with!
That bike is ridiculous unless you are old or very heavy and literally cannot shift your weight on the bike. Go for bigger tyres before suspension if you're getting pinch-flats on bridleways.