In recent years there have been significant developments in satellite transmitter technology to follow the rapid innovation of sensors on-board new satellites. The CCSDS 131.2-B-1 standard for telemetry downlink, released in 2012, is part of the next generation of standards that aims to support the increased data-rate caused by these improvements in resolution. As a result of its relative novelty, this standard currently lacks in-depth analysis by researchers, but it is also strongly supported by the European Space Agency (ESA) for future missions. For these reasons, it seems important to evaluate how major receiver sub-components, such as timing recovery and carrier frequency correction, can be designed and implemented in new receivers that support this standard. The timing error detectors (TED) and frequency error detectors (FED) were therefore studied on the specific peculiarities of CCSDS 131.2-B-1 in its usual environment of Low Earth Orbit (LEO). Estimators have been evaluated highlighting performances, trade-offs and peculiarities of each one with respect to corresponding architectural choices. Finally, a receiver architecture derived from the paper considerations is proposed in the aim of supporting very different mission scenarios. Specifically, the realized architecture employs a parallel feedforward estimator for the timing recovery section and a novel multi-algorithm feedback frequency correction loop to efficiently cover both low symbol rates (5 Mbaud) and high data-rates (up to 500 Mbaud). This solution represents a good trade-off to support these scenarios in a very compact footprint by pushing the clock frequency to the FPGA limit. The FPGA resources occupation on a Zynq Ultrascale+ RFSoC XCZU28DR FPGA is 5202 LUT, 4851 FF, 5 BRAM, and 21 DSP for the timing recovery part, while the frequency recovery section occupies 1723 LUT, 1511 FF, 2.5 BRAM and 32 DSP.