The biggest impact will be the current lack of ability to turn right from Peckham Rye to Nunhead Lane.
The current run od traffic from Forest Hill road direction is either enter the gyratory, and either go along Peckham Rye East side to turm left into Nunhead lane or go into Copeland Road.
Putting a timed bus gate in the section before Nigel Road and the buses only on the East side will then necessitate either allowing right turns at the corner of Peckham Rye into Nunhead Lane or as the OP pointed out, traffic will divert down via goose green roundabout to either go up to Nunhead or via Dog Kennel Hill to get to North of Peckham.
The unintended impact could be more congestion and pollution in Rast Dulwich as a result.
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