An alternative Royal Navy rearmament programme

What Royal Navy construction would you exchange for more useful pre-war capability?

Trade an additional King George V for more fleet carriers, quicker cruiser anti-aircraft refits, and continued Town-class production.

The proposed programme prioritises a sister for Ark Royal and increases the flow of armoured carriers entering service near the start of the war. It also accelerates anti-aircraft refits for C- and D-class cruisers. Continued Town-class production takes priority over shifting so much effort to the Dido class, and active construction lines could ease the transition into Crown Colony-class cruisers. The trade is one additional battleship for stronger naval aviation, more escorting firepower, and better readiness among existing cruisers.