I have been thinking about Furious recently… (yes I know but hey! I'm really eager to see this restart!) and I just wanted to put down my two cents on what might be comming for her interwar refits.
First, what are her drawbacks? sts-200 mentionned it, Furious is a highly stressed ship, meaning the room for changes is very limited, any modifications made to her design will have to affect her structure as little as possible. There is also the protection. Although Furious belt is 12-in thick (a reasonable thickness in 1916), it is also very narrow and lacks the support of an upper belt. This already limited side protection is also completely useless when the ship is fully loaded as the main belt will be mostly submerged. Deck protection isn't good either but at the time of her construction this is pretty much standard.
Are these faults making Furious a glass cannon? I don't think so. This ship has at lest some things going for her: at 878 feet, she is offering the necessary space to accomodate multiple new technologies without overcrowding the ship, potentially helping reducing topweight in her later carreer. Also there's the speed, 35 knots… what else to say? At that speed, she can even afford to loose some of it and remain one very fast capital ship, capable of catching up and running away from whatever targets her captain wants (in the later case assuming she doesn't get blown-up before turning away of course). I think Furious' speed and machinery, are the elements that could help improve her the most. Let me explain.
In my humble opinion, the key to her rebuild are her engines. If we make a quick comparison with OTL Renown which had 42 boilers as build and only eight after her refit, saving around 2 800 tons and two boiler rooms we can see the potential Furious has here. If Fisher's 'very large cruiser' goes in drydock around 1935 or 1936, the technology will be there to replace her 32 boilers and turbines with less and lighter equipment. If they want to be bold, DNC could even afford to reduce the power output and go for a 32-33 knots ship that would still be very useful. I'm no specialist in the matter but I'd guess that when talking about ship of this size, the power output needed to gain even only a few knots is quite exponetial.
Because of the design, we cannot afford a lot of changes in the ship displacement, but the couple thousands tons clawed back in the machinery could be used to improve the armour protection. Let's say we estimate the followings: current (as build) armour weight at 9 500 t; weight saved by the machinery upgrade 2 700 t, of this amount let's allocate 75 percent (2 000 t) to more armour. That would represent a 20 percent increase of the ship's current armour weight, without (theoretically) increasing it's displacement, and that is not counting the possible savings when switching the old secondary armament with a dual-purpose battery. Because the main armament is already well protected, the saved weight could go into the belt (read: upper belt) and the decks. Now one more knowledgable individual than me would need to say if the main belt could be raised and/or widened a little without compromising the ship but if so, it would also represent a major improvement. The goal is simple, Furious will never be a battleship, her protection will always be on the lower end of the scale, but given decent protection again cruiser and battlecruiser fire, she can be improved into decent fast capital ship. I don't think it is too far-fetched to think the Royal Navy yould want to get the most out of Furious, her gund and her speed make her a true -if somewhat fragile- asset in the fleet and not having Hood-like reputation will (I hope) allow her to get the drydock time she need.
That's only me having fun with numbers though! I'm not claiming to be an expert in naval engineering, I just wanted to add something I though was interesting to the conversation. If there's anyone out there ready to correct me, I'd be pleased to hear about it.
Cheers