Aircraft carriers without treaty-conversion hulls

Would the absence of naval treaties help or hinder aircraft-carrier development?

It could accelerate purpose-built carrier construction, potentially producing several design generations before the Second World War despite losing conversion hulls for experimentation.

The absence of converted battlecruiser and battleship hulls would remove useful experimental platforms, but it would not necessarily delay carrier development. Navies might instead build recognizable purpose-designed carriers in the late 1920s. A second or third purpose-built generation could then enter service by the outbreak of a comparable Second World War. Treaty constraints supplied conversion hulls while also distorting the development path.