I don't think that's accurate. The "5th" Shuttle orbiter was produced IIRC for major spares which were stored. (Yep see Endeavour:
https://en.wikipedia.org/wiki/Space_Shuttle_Endeavour) So we could pretty easily build a replacement for Challenger but not one for Columbia. "Enterprise" was supposed to be converted to a 'real' orbiter but the funding to do so wasn't authorized I think.
Suspect that was this conflict:
http://spaceflighthistory.blogspot.com/2015/08/evolution-vs-revolution-1970s-battle.html
And yes an incrimental approach was rejected for trying for a full-up space station authorization which failed continually till the mid-90s despite President Reagan supporting it. (He didn't really and refused to confront Congress over the idea)
At first not really since the flight rate was so low, more towards peak usage they had turn-aroung down pretty well so you may have been able to add some flights (between 25 and 40 say) but could you squeeze them into the schedule is another question.
Well having an orbiter stay on orbit for 30 days would be a tough task even with the Power Tower since it was life support limited at well. If it's early enough, (see below) then they'd have had to adapt a few museum exhibit Apollo CM's to work as life boats as the Shuttle would still likely only stay a week or so and mostly be used for crew and new module flights. It also impacts the launch and processing schedule since the orbiter will not be avialable to schedule into the line until it finally comes back. (Not world ending but a pain for the maintenance folks
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The problem with that idea is that you can't DO anything with Skylab B until the Shuttle is flying. They only had one full Saturn-1B left over from Apollo/Skylab and only one partially completed Apollo CM unless they pulled one from a museum which they didn't want to do without a VERY good reason. So that's one flight to get Skylab B up and running and then...
Skylab B sits in orbit till sometime after 1982 (1981 flights were qualification and R&D only) so close to 6 years of unattended operation before a crew arrives. And keep in mind they would have had to modify Skylab B to accomodate the Shuttle before it could be launched. (Two of the four "windmill" solar panels have to be kept retracted while the Shuttle is there and I don't think they had the ability to retract on demand so they'd likely need to be removed before flight) And then there is the question of where you fit it into the initial flight schedules:
https://en.wikipedia.org/wiki/List_of_Space_Shuttle_missions#Flight_statistics
Now here a fifth orbiter might allow scheduling mission on a regular basis to Skylab B and then allowing the others to continue with the OTL schedule. It would depend on when the 5th Orbiter was available. Having Skylab B "might" have helped the Shuttle image and the 5th orbiter might have helped the flight schedule but keep in mind that unlike OTL's Endeavour this one would not have all the upgrades ours did with "lessons learned" from the previous Shuttles. (It also would have a different name I'd think
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You're not wrong at all
But as has been famously said about the TSR-2 any government project has a political dimension as well as its physical ones and getting that right is a task in and of itself. NASA has some of the blame because they really didn't want a "shuttle" as the main program but as a side-note to the bigger picture. But it was already going to be a huge part of any project simply because of the size and capabilities that NASA wanted which itself was tied to an over-estimated sense of worth in the governmental scheme of things. "Technically" once the government was flying its Shuttles we should have seen commercial Shuttles flying payloads to orbit for profit but as the hard-logic behind the Shuttle design and operation were that is MUST carry any and all US launches or be unaffordable that obviously wasn't going to be done. I mean there was work done on designing a 300 person 'passegner module' to fit into the cargo bay at one point! And then even at the end there was a credible effort to "buy" a couple of orbiters to use for commercial purposes when the Shuttle was retired. But as was pointed out during the latter effort, even if one COULD purchase a Shuttle and then manage to fund some flights would there be enough demand or market to actually make it sustainable in any sense? Given the cost and complexity of the Shuttle support system this was questionable at best and the fact that it would have tied up equipment and facilities NASA needed to move on towards the SLS would have been a major conflict.
The OTL Shuttle was a compromised design, built to a compromised plan, for a compromised goal aimed at a vague but overly grandious and likely unatainable outcome. We needed, (and still do) a rational and logical approach with a clear goal and attainable vision. We need to make up our minds if we're exploring space, dabbling in it or just goofing off and proceed from there. Currenlty the only thing we're commited to is the rhetoric of space...
Randy