I agree with Steamboy on Horace Hood, the right amount of creativity and panache, not at Beatty's level of flamboyance and directness, or arguably fool hardiness at times, but having a sufficient quantity and quality, balanced by his temperment, to probably take the Battle Cruiser Fleet to a more glorious dividend.
To replace Milne? I'd like to say Craddock, however my stumble with that is to find out more about the near loss of the Edward VII's sister (Princess Royal?) in the sinking of a liner somewhere south of Gibraltar before the start of the Great War. Craddock had been somehow implicated/ made scapegoat, and as a result, had been 'Port Stanleyed' (a naval version of that old Coventry thing) by Churchill as a result. Fisher may have had influence as well, however anything I can find on it is rather vague... I do wonder if Craddock had a connection to Charles Beresford ... it might help make sense of things, and at the very least make a good story. The fact that he was sent south and not properly tossed out on his butt leaves me thinking there was skullduggery involved.
So let us throw Sackville Carden in to replace Milne. He's reasonably balanced, not possibly too creative or overwhelmed with daring-do, but a middling good sort of admiral who. with a few moderately improved variables, just might deliver you what you are looking for without fear of the dreaded wank.
These are a couple of choices I am favouring in re-write number 'whatever the hell it is', as a result of working through a rather more substantial 'Admiral's Revolt'. there are actually a fair number of potentially good choices ... it depends more on your personal opinion, and just how fast the butterflies are travelling when they hit the end of the catapult.
Looking forward to whatever you are putting together.
Regards, Bud