Project Habakkuk as an Atlantic sea base

How serious was Project Habakkuk, how would it be used, and what might it do in the Cold War?

It could bridge the Atlantic air gap as a floating carrier and later serve as a huge mobile base for aircraft and missiles.

Habakkuk's wartime value would be persistent air cover in the mid-Atlantic. A floating base there could bridge the convoy air gap and reduce the demand for escort carriers. Other possible missions include strikes toward Norway and deployment to the Far East. If retained into the Cold War, the immense mobile base might host large air groups and ballistic missiles. The answer treats Habakkuk as infrastructure at sea rather than simply an oversized conventional carrier.