Could a converted Izumo-class ship become better than the Queen Elizabeth class?
Short answerNo; it could become a more useful light carrier, while a true Japanese peer would require a larger follow-on design.
NotesDisplacement and flight-deck scale matter more than individual conversion features. Izumo can be improved for fixed-wing operations, yet it cannot generate the capacity of a much larger British carrier. The more interesting long-term possibility is a Japanese successor influenced by Queen Elizabeth-class design and built around the F-35B. That distinction separates what a conversion can accomplish from what requires a new ship.