There is another possibility. Britain pulls out of the LNT but instead of building new battleships builds carriers?
Out of the LNT ?? ... it was rather keen IOTL to be concluded by as many as possible ? ... maybe even before it was concluded, so no new treaty regulating naval armament anymore ?... starting a new naval arms race at full speed ? ... When ?
The problem with this is simply what does the KM get to build?
If they get even one 35,000t ship then everybody else will need to so no extension to the building holiday like OTL LNT, but I agree that they could easily be added if the old WNT build schedule is kept.
What would be the limitations on Germany for other classes of warships?
IF, ... Germany would be accepted into the naval armaments regulations of the WNT-system, then becomming LNT-system in 1930, I am quite sure, that conditions will be renegotiated ... maybe especially about building holidays for the other participants, ... maybe (also ?) a time-clause on the germans before allowed starting cap-ship-building or something similar.
But
THAT
As writen if Germany joins the WNT a part of the Versailles Treaty will abgrogated. That a alone will be a mayor coup for Weimar Republic and will have internal effects in Germany.
would be the true and most important "gain" for Germany, despite whatever further restrictions (time to start building, amount of allowed tonnage for caps) would be set into the LNT of this timeline.
It would be the de facto abandoning of the ToV in one of its major parts. That way "easing up" german diplomacys efforts to seek and reach another break in the ToV and one by one the ToV would go down the pipe at all.
By every bit further also improving the rather less "radical" parties in Germany
However, the former also especially the french would see and therefore ...
fight with all they got against an acceptance of Germany into any kind of naval or other "agreement" about any kind of arms.
To get the french to accept this is the real challange here.