I was specifically looking at an escalation of the Agadir Crisis.
Long story short, Germany gets crushed. As of July, 1911, Britain had a total of ten dreadnoughts in commission, with another four launched. In addition, the Royal navy had another four battlecruisers comissioned, with three more launched. Almost as significantly, the four british Battleships launched but not comissioned were the Orions, the first of the super-battleships. There were other vessels in the shipyards as well; the King George V and Centurion, both KGV class, and the Battlecruiser Australia (Indefagitable class) were both launched by the end of the year. In addition, the royal navy still has a huge mess of pre-dreadnoughts floating around somewhere, waiting for a rainy day (not certain how many exactly were still around at the time, but it was a fairly large number).
Now let's take a look at Germany. Their entire dreadnought total comes to the four ships of the Nassau class. Plus the battlecruiser Von der Tann (with an additional one launched and to be commissioned by the end of the year, and another to be launched in 1911). And the old Blucher, of course. Now, the naval balance of power is nowhere nearly as severe as this sounds, it is true. One of the Helgoland class (Thuringer if I remember correctly) has been launched, and a total of three will be launched and commissioned by years end. Another three Kaisers will be launched by the end of 1911, although none will reach commission until the next year.
So, when war breaks out (assuming July 1911), the Germans are outnumbered 10:4 in dreadnoughts, and 4:1 in battlecruisers (4:2 if I feel generous and count Blucher). Year's end makes those totals 10:7 and 4:3 (counting Blucher). Not great odds for the British, but given the quality of early pre-dreadnoughts, the impending arrival of the Orions, and the massive british advantage in pre-dreadnoughts, battlecruisers, escorts, and shipbuilding capacity, probably good enough. To give a sense of the future, OTL saw the British commission all four Orions, along with a pair of KGVs (KGV and Audacious), and possibly what would become Agincourt if construction is hurried (same aplies for the last two KGVs). Against this, Germans add the last Helgoland and a pair of Kaisers (ITTL, maybe three if they are lucky). On the Battlecruiser front, the British get New Zealand and two Lions, while the germans get goeben, and maybe Seydlitz if they hurry and are lucky. So assuming no battle loses, the total stands at 16:10 in dreadnoughts and 7:4 in battlecruisers (even with goeben)(seydlitz, the other Kaisers and KGVs, and other possible hurried constructions are ignored here). Even starting with both navies wiped out at the end of 1911, the totals would be 6:3 and 3:1, with a british qualitative edge (in my view, at least). Germany only falls farther behind the longer this goes on as well.
This leaves out other factors. france, for instance, is not going to stand by and let the Germans take Morocco. I'm not certain of the land war's result, but I think france can at least fight germany to a stalemate. Other nations may join the entente in this one, while germany did a rather good job of isolating itself diplomatically from potential help.
Germany had a narrow window where, assuming that they were willing to pay the price, they could have matched the british in a naval war tonne for tonne. However, it was a very fleeting window, basically just the opening of the dreadnought era. More to the point, 1911 is about where that window ends. They will be formidable in this war, but the Royal navy can probably eliminate the misnamed High seas fleet .
