I would argue that completing the Admirals to Hood's battlecruiser design would be better, as the RN had enough <25 knot battleships to go round in WW2. A benefit of carrying on with production of the Admiral battlecruisers is the availability of four 860 ft hulls for conversion to aircraft carriers in the 1930s.
Ah, now we're talking. Two such CV conversion instead of Glorious and Courageous would be quite formidable, on par with the Lexingtons and the Akagi and Kaga as rebuilt. Presumably, some or all 3 remaining Admirals will not be quite finished by the time of WT, so they could have two converted to CV and another one finished as a sister ship to Hood. Of course, would this prevent the building of the Nelsons (probably not), and also, what will happen with the two follies not converted to CV. Getting sold to someone?
Sure. Keep them as improved-Queen Elizabeths per the original specification, begin construction earlier in 1916. Don't suspend construction in 1917/19 per OTL. For this to occur we need the Renown class battlescruisers to be considered a failure - perhaps they make it to Jutland and blow up?
I did read a bit on wiki, something even better would be having them with 3 triple 38cm turrets, again when we get to WT this may or may not prevent building the Nelsons, but so what if they are not built Britain may be allowed in compensation one or two extra BBs as they won't have any with 40 cm guns. Maybe four Admirals as fast BBs with nine 38 cm guns will be more useful in WW2 than Hood and two Nelsons?