Could Khitomer have produced a naval arms treaty?

Did the Federation and Klingons agree to build fewer but larger ships after the Khitomer Accords?

Probably not; a bilateral limit would be strategically unsafe unless the other major powers also joined it.

Détente between two powers does not remove the force requirements created by everyone else. The Federation and Klingons remain surrounded by other capable states, so restricting only their own fleets would expose both to third-party power. Effective naval arms control in this setting would need broader participation.