How a German fleet in Norway could change Force Z

Would concentrating German capital ships in Norway prevent Force Z from being sent east?

It could change the force's composition: a refitted Hood and Repulse might go east with a surviving Ark Royal, while newer battleships face the Germans.

If Bismarck stays in Norway, the modern King George V-class ships may remain concentrated against the German surface threat. A possible Force Z would then use a refitted Hood with Repulse, perhaps Renown as well. Ark Royal might be brought home for refit and strikes against the Norwegian concentration, changing the circumstances that historically led to her loss. If she survives those operations, she could later accompany Hood and Repulse to the Far East. This proposed force would be faster and would have fighter cover, but it depends on several earlier changes in refits, operations, and ship survival.