Would love to see an image of that, or would it be visually the same as OTL?Hood as a design had so much potential. All the RN had to do was go for an All or Nothing armor scheme and use the saved weight to both increase the height of the armor belt and its thickness and make it uniform(with a couple hundred extra tons going into uparmoring the turrets, and maybe increase their elevation to 35°). Then all they need to do was drop the speed down to 30(maybe 30.5) knots and use the saved weight to add a couple inches of deck armor. They also could have saved a fair bit of weight(and added some fuel capacity) by using the more conventional void and liquid TDS system which proved just as effective as the crush tube TDS she got in otl. Mind you if these characteristics had been designed into the Admrials from the start instead of bolting on armor like they did in otl with Hood, its likely at least one more would have been finished and moreover they wouldn't have so wet aft.
At that point all Hood would have needed to stay effective in WW2 would be improved fire control and AA with some TLC(or possibly a full replacement, although where the spare weight would have gone I have no idea)given to the engines over the course of a major refit