I think people are (very realistically) fixating too much on total tonnage and number of ships. Those 12"-gunned coal-burners may look impressive on a spreadsheet, but they're obsolete and will be discarded soon, treaty or no treaty. What everyone serious will be thinking about is the balance in the latest generation of post-Stavanger designs.
There's a interesting timing window here. Right "now":
- The Americans have 4 Colorados launched and 4 each (I think) South Dakotas and Lexingtons building.
- The Japanese have 2 Nagatos complete and 2 Tosas and 2-4 Amagis building
- The British have Rodney and Furious in service and nothing building (the N3s have been ordered but not laid down)
So if we order an immediate halt:
- The Americans and Japanese have to scrap/convert >200,000 tons of ships under construction. The British directly lose nothing.
- The USN ends up with 3-4 Colorados, the IJN with 2 Nagatos and the RN with Rodney and Furious.
- The RN retains a large numerical advantage over the USN who have a large advantage over the IJN, even though most of the "advantage" is in obsolete ships.
I can't see that one flying. It sounds like just the sort of "compromise" that everyone involved thinks favours the other side.
If on the other hand we allow everyone to complete what they have under construction:
- The Americans get 8 16"-gunned BB and 4 16"-gunned BCs (could be more if they accelerated construction in 1920-21)
- The Japanese get 4 16"-gunned BBs and 2-4 16"-gunned BCs
- The British get Rodney and Furious.
From the RN's point of view, this isn't a deal, this is unconditional surrender. I can't see the British accepting this under any circumstances short of major financial crisis.
So if there's a deal at all, it will have to include some way of levelling the field in the latest ships. My best guess:
- The RN and USN discard their 12"-gunned ships (The IJN discards Settsu and any left-over pre-dreadnoughts).
- The Americans get to complete the Colorados and 4 of the Lexingtons.
- The Japanese get to complete the Tosas and the first two Amagis.
- The British get to keep Rodney and Furious and replace 4 of their existing 13.5"-gunned BBs with 16"-gunned 40,000 ton "treaty battleships".
- No more construction until 1925, thereafter limited to 40,000 tons, 16" guns at a maximum rate of 1/year and only to replace ships that are over 15 years old.
This leaves everyone with 4 of the latest BBs and 2 of the latest BCs. The USN get 2 additional new BCs to match against the Admirals and Kongos. The RN and USN advantage over the Japanese is in legacy ships.
The Japanese will complain that once the older ships are rotated out, they will be locked into a permanent disadvantage, with only 8 BBs and 6 BCs vs 15+4 for the USN and 20+7 for the RN. The British will point out that by the time they've replaced all their Iron Dukes and King George Vs it will be the late 1930s and they will still have pre-WW1 construction in their fleet.
The Americans will complain that they're outmatched in battlecruisers and they're giving the British a permanent 30% overall advantage. Everyone else will point out that the US called this conference to prevent a tonnage war, and the deal gives the USN 8 of the latest generation of ships while the RN and IJN are limited to 6. (The IJN, in particular, are not going to be happy to allow even 4 Lexingons while they're limited to 2 Amagis. The RN will likely have to put Courageous on the chopping block to get a deal at all, and may have to throw in Lion and Panther as well.)
The British will push for 45,000 tons for new construction. Everyone else will point out that the Colorados are 33,000 tons and the Tosas are 40,000 so no, the RN are not going to be allowed the last play in the leapfrog game.
Expect much dickering over how many older ships each side gets to keep, how long they must be retained and what the replacement rate is. The British will want a slow replacement rate that keeps their older ships viable without breaking the budget. The Americans are more likely to want an agreed tonnage limit they can build to immediately. The Japanese will want to get as close as they can to the 8-8 programme while limiting everyone else.