Could Queen Elizabeth and Renown receive a common modernization that made the battleships capable of 26 or 27 knots?
Short answerYes, but the extra speed would consume weight otherwise available for armor, subdivision, and dual-purpose armament.
NotesWarspite's reconstruction demonstrates that modern boilers could save substantial machinery weight. Historically, designers used that margin to retain speed while improving protection, subdivision, and anti-aircraft armament. More boilers could instead buy additional speed and simplify machinery commonality with Renown. Treaty-era modernization was an allocation problem rather than a cost-free choice between old and new machinery.