Build an improved Gloster F5/34 (1 Viewer)

[Shortround6]

They have the F5/34 prototypes, drawings, preliminary tooling.

They have the F5/34 prototypes
When????
The 2nd F5/34 didn't fly until March 1938. In Sept 1937 the Australians were flying the fixed landing gear NA-16-1A supplied by NA and they were assembling the NA-16-2K with retracting landing gear, also supplied by NA. So in Australia they had two airframes either flying or being assembled while the F5/34s were still in England.
drawings
Drawings are drawings. They are not parts or manufacturing capability. Remember the 600 companies/ sub-contractors involved in the Wirraway production? You want to sellect a more complicated airplane to manufacture?
preliminary tooling
What preliminary tooling?
This is one of the reasons for big delays between adoption of an aircraft and first production example, unless ordered off the drawing board. And even that can take a year or more.
There is no production tooling for prototype aircraft. Prototype aircraft are built using general purpose tooling. This is why it takes so long to make prototypes. You need skilled workmen had fitting/bending/cutting just about everything.

Plus part of the Australian deal with Hawker to acquire their Gloster F5 could be to receive development and production support.

What support did NA provide the Australians?

Perhaps Folland, having resigned from Hawker in 1937 can be persuaded to continue his aircraft's development in Oz.

So Folland cancels his purchase of British Marine Aircraft Company and any hopes of staying in the Aviation business in the UK and sails to Australia to become the lead designer for CAC? With their small contract of around 40-100 planes? With a single seat fighter and not a general purpose (trainer/light bomber)?

We can definitely find reasons why an Oz Twin Wasp F5 would not, could not or should not have occurred. That's easy.

It is easy.
Trying to twist history and time over 5 years to come up with a not very good airplane for Australian use in 1942 is hard.

With this in hand, a Bristol-powered F5 should be in production in Australia by 1940, leading to a P&W version by 1942.

Powered by what? It is easy to say Bristol-powered F5 but which Bristol engine and made by who?
Maybe England can send out a few dozen Mercury engines, maybe not.
Are the Australians buying engine making machinery from America?
The main reason for this whole aircraft built in Australia thing is the idea that the England could not/would not supply Australia with either enough aircraft or the production ability
as things got hotter in Europe.
American machines can make Mercury engines. Bristol had enough trouble trying to make the sleeve valve engines in the Bristol factory. Pegasus or Taurus engine production in Oz would have been a horror show at the start. Bristol could not make sleeve valves on a mass production basis in 1939/early 40?
Even if you can get the sleeve valve engines from England (not sunk by U-boat) neither the Pegasus or Taurus engines are going to give you much more than cannon fodder against the A6M2 Zero in early 1942. How many pre P&W planes flying in Dec 1941 vs how many P&W powered planes?

The F5/34 may have been a bit ahead of it's time in 1936 in some ways and a bit behind in a few others. But it was well behind the times in 1939-40 in just about everything except cockpit vision.
The P&W Wasp engine used in the Wirraway dated from 1926 with improvements over the years. It was a tried, true and not complicated engine well suited for a beginning company to get it's feet wet. Trying to detour to Bristol engine and then go back to a P&W engine was not going to make things easier.