Why a surviving Ark Royal would merit reconstruction

Would a surviving Ark Royal be modernized along the lines of Victorious?

Probably; her status supports retention and her lighter armour could make the reconstruction cheaper.

A surviving Ark Royal would have a strong institutional claim on post-war modernization. Her public and service status resembles the prestige that helped make Victorious the selected reconstruction candidate. Ark Royal also lacked the same weight of armour, reducing some conversion difficulty and cost. A rebuild broadly comparable to Victorious is therefore more likely than early disposal.