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I would go with Dunkeswell, of course...
I can get to Tiverton station in 20 minutes, from there easy into London and Reading. Exeter Airport half an hour away.
Sam_w
You'd still need to drive to Tiverton Parkway (into Paddington) or Honiton station (into Waterloo), it's a busy train early in the morning and takes 2.5 to 3.5 hours. Train station parking: ~£1.5k a year, season train ticket: ~£9k... it would be an insane commuter life.
It's ~£7 for day parking and ~£50 per return if heading to London infrequently.
Gittisham (or equiv.) would be a nicer location than Awliscombe. Although the average age is very high for both. There are great walks on the edge of most towns/villages, so you don't need to live next to a moor/beach to benefit from Devon life (we're 20mins from Exeter, 20mins from the beach and 40mins from Dartmoor).
Cycling up past Awliscombe Village Hall to get on top of Egland is a real treat..!