It's not so hypothetical...... had WW2 not broken out in 1939, "Hood" would have undergone an extensive refit which would have improved her protection, installed more modern machinery and replaced her secondary armament with eight twin 5.25" DP turrets as fitted to the KGVs. The result would probably have been similar in appearance to "Renown" but with eight 15" guns of course. In December 1938 it was proposed to start work after the extensive refit of "Queen Elizabeth" was completed, but after the outbreak of war in September 1939 "Hood" simply could not be spared for the considerable time such a refit would have required (ditto for "Repulse").
See "British Battleships of World War 2" by Alan Raven and John Roberts, pages 195-197 for further details.
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