Would faster Renowns replace the Admiral class?

Would the Admirals still be built if Renown could already make 32 knots?

Probably, because designers would still want to explore a faster ship, although additional Renowns would be a plausible alternative.

More Renowns could be an alternative to building Hood if the earlier class already reached 32 knots. An Admiral-class design would probably still be attempted, however, to see how much further battlecruiser speed could be increased.