What if Hood and her sisters were rebuilt as fast battleships rather than giant battlecruisers?
Short answerHood was already close to a fast battleship in protection and role, so the counterfactual is partly a change of emphasis and modernization.
NotesHood carried much more protection than earlier battlecruisers and approached contemporary battleship armour. Her great size supplied the machinery and hull length needed to retain battlecruiser speed without surrendering the same degree of protection. She can therefore be read as a progenitor of the fast battleship as well as the last great British battlecruiser. The categories overlap once a navy seeks a ship able to fight in the line and cover a wider operational area.