Nick Sumner came up with an interesting idea for his timeline
Nach Dem Tag, the general back story which is that Jutland goes decisively in the UK's favour leading to Jellicoe and Beatty becoming in his words elevated 'to the status of the semi-divine' and the Royal Navy and the concept of capital ships in general retaining their massive prestige. Beatty is able to much more authoritatively state what the Royal Navy considers their requirements to be and goes to the Washington Naval treaty negotiations and the changes lead on from there.
The 5:5:3 ratio is readily accepted but the British balk at the proposed 10 year moratorium on the building of battleships as they have already gone through a self-imposed 5 year one and another 10 years could see the specialised skills and facilities to design and build them atrophy and decay significantly. The also figured that after the 10 year treaty period there would be a scramble to build new battleships so better to see a managed steady programme of replacement from their point of view. They argue that they haven't laid down a new ship since 1916, that taking war service as double wear - two years peacetime service equals one years wartime service - so the average age of British ships is 12 years old and the Americans 8 years old, and that they were fine with the Americans also building new ships. This was a bit disingenuous as both sides knew that Congress was unlikely to vote the money for a new round of massive building programmes, they also argued that since many ships would have to be replaced straight after the treaty period ended it would cause a famine-feast cycle. The end results were that the Americans could complete their four
Colorado-class ships, the British get to build four 35,000 ton ships to mirror them, the US retained the right to build four 45,000 ton ships in the future and the British got to build a second
Hood-class ship as HMAS
Australia plus two more ships not exceeding 45,000 tons. This was generally achieved thanks to the US and UK not having any real conflicting interests and some in Congress pointing out that the
South Dakota-class ships that had already been laid down with two of them already a third finished and the lead ship forty-percent completed so economically better to finish rather than scrap them.
In our timeline's treaty both France and Italy were given the rights to build new ships within the treaty holiday period, in Nick's one this was simply extended to all of the powers. All within a set limit on overall tonnage of course, this just allows the replacement of some of the more obsolete ships. You could also perhaps throw in a minimum time period between the launching of the ships of say a year or so perhaps, this keeps the governments mainly happy since the navies will be shrinking and any new ships limited whilst industry and the naval officers will be kept mostly happy by keeping things ticking over.
Personally I quite like the idea of a limited and managed building programmes linked to total tonnage limits as what seems like the most reasonable way to get new ships built, even without a changed Jutland. Getting the N3 battleships though is going to be hard. Perhaps instead of possible future 45,000 ton ships that number gets nudged up to 50,000 tons instead, or maybe they use 16 inch guns instead and slim them down a little to make them to fit? Or maybe instead of a second Hood class and two 45,000 ton ships they get get to build three N3s. Either way, come 1932 even if a new treaty is negotiated I can't see them going lower than what they already have so at that point more N3 and the G3-class ships, or modernised designs of them, start to be built to replace the older ships. Assuming that WW2 happens roughly as in our timeline it's going to make things rather different, both from the Royal Navy having a more modern fleet of big ships plus what might have been reduced elsewhere in the military to help meet their costs.
