When a Bismarck rebuild becomes a new ship

Could Bismarck be rebuilt during the Second World War with a different armour scheme and four propeller shafts?

The proposed changes would remove so much of the hull that building a new ship would be quicker and easier. An age-of-sail great refit provides the comparison: effectively a new vessel under an existing identity.

The question removes financial limits and proposes replacing Bismarck's internal armour arrangement and changing three shafts to four. The physical work remains the obstacle. Changing the shaft system at that scale would require replacement of the lower hull, including the keel. Reworking the armour would then involve removing much of the upper hull and superstructure. With so little of the original ship remaining, complete dismantling and reuse of materials in a new vessel is judged quicker and easier. The age-of-sail great refit provides an analogy for effectively building a new ship while funding it as a refit. Whether interested politicians knowingly tolerated such arrangements remains speculation.