Could a rebuilt Hood have survived Bismarck?

Would Hood have survived Bismarck if her planned reconstruction had happened earlier?

Probably; a full reconstruction would have improved her chances, although no counterfactual result is certain.

The counterfactual moves Hood's planned major reconstruction forward by roughly two years. The resulting improvements would probably have increased her survival chances against Bismarck, though no outcome can be certain for a battle that never occurred. A full reconstruction would have gone beyond the protection and system changes accumulated during ordinary refits. Hood had already received repeated interwar work, so the historical ship was far from an untouched First World War design.