You would be better off building new ships.
For one thing this requires a dry dock and you only have so many available, most (all?) of which are already being used refits/rebuilds of other ships.
Since this sort of work required around 3 years (maybe a bit less) The British would only allow so many ships out of service at one time to keep from being caught with their pants down (1/2 their ships in dry dock at the same time).
The British didn't even get the Hood, Repulse, Barnham and Malaya rebuilt up to standards, which should have been a priority over the Rs.
With only 15 capital ships after 1931, Britain was only happy to allow 3 out of service for large repairs / reconstruction at a time during the late 1930s.
You have the modernisation cycle wrong.
All the QEs underwent a first round of modernisations in the 1920s early 1930s. Barham was the last in that round between 1930 & 1934.
In the second round, Malaya, Warspite & Repulse were taken in hand for what was referred to as a "large repair". That took place April 1933 to June 1937. When they opened up Warspite's machinery, it was found to be in such a bad way that it had to be replaced. That allowed time to incorporate some of the changes being planned for the next batch. So she got the new bridge structure but not the new DP armament which was still in development. So she became a kind of halfway house between Malaya & Repulse and the next batch.
1934-36 Royal Oak had a more extensive refit, after which it was decided not to modernise the others and they became the first in line to be replaced. By 1939 Revenge was reported to be in very poor condition and would have been the first to go on completion of KGV but for WW2.
Then QE, Valiant & Renown were taken in hand for "reconstruction" which included replacement of the machinery, new DP armament etc. That took place from Sept 1936 to Jan 1941.
Next were to come the Nelson, Rodney & Hood. starting about late 1940. The Nelrods had priority due to their 16" armament needed to face Japan. Proposals were still floating around for them in 1944. Hood required major work that would probably have started in early 1942 and lasted 3 years. I've seen some discussion that Repulse might have been "reconstructed" along the lines of her sister or at least had her AA armament inproved but nowhere any indication of when this might have been slotted into the schedule.
Without WW2 breaking out I doubt any further reconstructions would have been contemplated. The KGVs were scheduled to complete from 1940-42 with the Lions starting to complete in 1942.