post WWI Pound devaluation?

The British decision to return to the gold standard at (US) $4.86 is frequently cited as a major economic error and possibly a factor in bringing on the Great Depression. That said, most 1920's economists opposed simply going to a fiat currency. Fear of financial instability and loss of strategic influence also made the UK government reluctant to take that step.
Would a mildly inflationary compromise have been possible and plausible though? Say, returning to the gold standard, but at $4.00 or thereabouts?
IIRC France did that post-WWI
 
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