What if Germany waited for four operational battleships?

How much trouble could Germany cause by concentrating all four major battleships after Tirpitz was ready?

Potentially enormous trouble: Britain might lack enough available fast capital ships to overmatch the German force while continuing critical convoy escorts.

Waiting until Tirpitz completed work-up would have created a four-battleship force at a moment when Rodney and perhaps Hood might be refitting and Duke of York was not yet commissioned. The likely British fast group - King George V, Prince of Wales, Renown, and Repulse - would face an exceptionally dangerous battle and still need carrier support. Convoys could no longer rely on a single old battleship as protection against such a concentration. Britain might have to suspend sailings while assembling separate fast and slow battle groups. Concentrating four ships would complicate German replenishment, but it would not automatically make one formation easy to find in the vast Atlantic.