I doubt Faro to Lisbon would be economic as it is only +- 300km. TAP only operate the route as a feeder service for their International flights. I can however, envisage Porto - Lisbon, although given check-in times and how long it takes to get into Porto Centro on the Metro, I don't see it being much competition for bus/train.
I actually don't see much traffic being drawn away from Porto. Many of the Porto Routes are to France and similar destinations where there are many "Nortinhas"!
I see Lisbon as a new traffic route!