Bad idea, the train will fail miserably. Many cheaper options available between Jabalpur and Bhopal.
For a Vande Bharat to be successful in Madhya Pradesh, either Jabalpur- Bhopal- Indore (8 hour running time Maximum) or Jabalpur-Bhopal Gwalior has to be connected.
Also if a Vande Bharat starts from Jabalpur in the morning, then Habibganj Jan Shatabdi needs to be extended beyond Jabalpur- either Singrauli, Balaghat or Rewa (whichever route is capable of holding 1 day return trip).
As...
more... much as you'd want it, if Itarsi is a halt for a Premium Train like Vande Bharat then Hoshangabad cannot be. It's too close to Itarsi. One option can be bypassing Itarsi and halting at Hoshangabad (if Bypass is ready).