What if Italy had retained all four Caracciolo hulls?

What if Italy had completed two Caracciolo battleships and converted the other two hulls into carriers?

Such a force would have alarmed France and pushed Britain to reconsider the treaty terms.

Two completed battleships and two carrier conversions would have created a much stronger Italian force than the single battleship-and-carrier proposal. Britain would then have had reason to seek different Washington Treaty terms. France would have faced the more immediate problem of matching that force in the Mediterranean.