In the real world the Washington Treaty allowed the RN to scrap Argus, Eagle and Hermes at any time because they were experimental.
In 1924 it intended to use this clause of the treaty to order a 17,000 ton aircraft carrier in 1924-25, 1928-29, 1931-32 and 1934-35 Navy Estimates. However, only the 1934 Carrier was actually ordered and became the Ark Royal.
If I could go back in time I would do two things. The first would be to have the 1924, 1928 and 1931 Carriers built. However, these would be 22,000 ton Ark Royal class ships, preferably with single deck lifts instead of the double deck lifts used in the real world.
The 1924 Carrier would replace Argus, which in common with the real world was converted to a target drone depot ship. The 1928 Carrier would replace Eagle, which became an aircraft maintenance ship. The 1931 Carrier would replace Hermes, which was converted to a seaplane carrier and replaced the World War I Ark Royal. As four 22,000 carries come to 88,000 tons it would have been necessary to scrap Furious when the 1934 Carrier was completed. That is until the Second London Treaty abolished the tonnage quotas. Thus the RN would have had 4 Ark Royal class carriers and the 3 converted battle cruisers in 1939.
The second thing I would do would be to double the size of the FAA between the wars. Therefore there would be 324 aircraft in 54 flights in 1933 instead of 162 in 27. In the same year it was reorganised into 24 squadrons and 8 flights, but the number of aircraft was still 324. At the outbreak of war there would be 30 squadrons instead of 15 and twice as many aircraft in the catapult units.
This might lead to a third improvement. Better aircraft.
In the real world the RN wanted more aircraft than it could fit into its aircraft carriers. Therefore it planned to make up the numbers with aircraft operating from flying off platforms fitted to the turrets of battleships and cruisers. Therefore the FAA needed aircraft with excellent STOL characteristics, which is why aircraft like the Swordfish and Albacore were biplanes.
In the early 1930s the RN of this version of history expected to have 6 aircraft carriers capable of 30 knots, with a combined capacity of 384 aircraft in 1938, which would increase to 408 aircraft in 1941 and 432 aircraft in 1944, when the replacements for Courageous and Glorious were competed. This meant that there would be no need for aircraft capable of flying off turret platforms and it would be possible to design an aircraft with equivalent performance to the Douglas Devastator and the Japanese Kate in place of the Swordfish.
A secondary reason for the poor performance of FAA aircraft was that they were multi-purpose, jacks of all trades, but masters of none types. This was made necessary by the small aircraft capacities of the aircraft carriers. However, if the RN had carriers with greater capacities as it does here, then more specialised aircraft could be developed. Therefore there could also be equivalents to the Douglas Dauntless and Japanese Val dive bombers as well as the Devastator and Kate torpedo bombers.