How about this.
Instead of refitting the Victorious which was basically the same as putting money in a nice pile and then setting it on fire, ie an utter waste, the Vanguard was refitted. The refit would be fairly simple, no long range SAMs fitted, no 15 inch turret removal as thats major major work.
Instead replace the 5.25s with the dual 4.5's of the new RN destroyers/frigates, remove the older 40mm bofors mounts and replace them with more modern radar guided ones as well as two sea cat launchers per side and their associated magazines. The sea cat is non intrusive and very very basic and would not require much in the way of fitting.
After the refit the Vanguard carries out flag showing duties, long range cruises as well as becoming a NATO flagship as she did in her time. When the naval reductions come she is placed in reserve as a training ship/headquarters ship at Portsmouth, the effectiveness of the Iowas in giving fire support to ground troops and the current threat of Soviet Sverdlov class cruisers being the two things that the admiralty repeatedly points out and it helps save her. You could also not waste money on refitting the Tiger class light cruisers which was never satisfactory to again help pay for this money hungry behemoth.
Because she's used as a training ship and still sees use carrying members of the Royal Family around she's not laid up to slowly deteriorate and the companies that produce her equipment needed for her engines and turrets are kept in buisness which is seen to help the job market, often touted in the news, even if the effect is negligable.
The tensions of the cold war and again the refits of the Iowas make the admiralty consider a modest and 'cheap' refit which boils down to overhauling her machinery, minor modernisation of her radar systems and FC systems for her lighter armament and fitting four exocet launchers per side amidships, this is completed early in 1981.
Of course this would require a considerable change to the UKs armed forces doctrine and would require a less harsh axe blow to the RN as well as probably some seriously improved UK finances which we simply didn't have in the 50s, 60s and 70s and I've no way of figuring that out short of handwavium because the UK's military spending policy in that period was both bonkers and self destructive, we spent millions on projects that never saw the light of day, got bent over the table and then robbed by the US a few times (TSRs...you don't want them, *gets out a packet of F-111's* this is the good shit..trust me everyone will want this...this is where its at...), the constant fighting for money between the three services lead to a toxic atmosphere at the top levels along with Mr Sandys 'MISSLEAES ARE TEH ANWSER!' defence reviews that damn near destroyed the RN and RAF.