Bismarck with a half dozen Catafighters might have given any unescorted Stringbags a fright and maybe got the ship home. Bismarck was about 300 miles from Brest when the final Swordfish attack came in. Six Bf 109s would have taken them on, and then either ditched alongside or flown to France.
a. The fighters could have been stuck on the deck due to the damaged compressed air line just like the Ar.196 was historically.
b. How do you know which is the "final" Swordfish attack and launch at the correct time
Does Bismarck launch all her fighters during Victorious' attack and have nothing available for Ark Royal's
Even launched Ar.196s could have disrupted TB attack; although there is the challenge of locating grey FAA a/c against a grey rainy background... Locating the Bismarck by shell flashed from the 10.5cm guns is much easier for RN pilots once RADAR has gotten you to the general area.
The hybrid aircraft carrier is a solution to a Treaty or construction restriction: If you are limited on numbers of cruisers and carriers, then the hybrid makes some sense:
USN gaming had 2 hybrid cruiser carriers better than 2 cruisers or 2 light carriers or a cruiser and a light carrier - with the caveat, this was in early '30s i.e. post LNT '30 but pre '36.
Post LNT '36 if you are USN and can have 2 carriers and 2 cruisers, hybrids don't make much sense.
IJN Tone class was combination of 2 ideas:
1. If you concentrate the main battery, you reduce the amount of the hull you need to provide thick armour over the limited left of the magazines, which left the aft deck open*:
2. As treaty system limited IJN to 3/5th the CV capability of USN, if IJN could move the scouting squadron to another ship (or 2), then the CVs can concentrate on attack only.**
*OK, they blew 1. as they didn't make the hull stiff enough and accuracy fell off due to hull flex when the main armament fired.
**Advancement between '32 when the design was funded and '42 when they were in combat, meant floatplanes were no longer able to scout with impunity. So, Tone/Nisshin/Oyodo all suffer from that shortcoming.
My biggest concern: What are you doing for plane guard ship with your hybrid??
Wouldn't necessarily have been an issue for USN in early '30s - they had enough 4 stackers, but would be a challenge for everyone else.
With shore based air cover, there is always the issue of planes not being in the right place at the necessary time.
A hybrid cruiser carrier might be expensive way to provide 12-24 aircraft to an engagement, but its a lot cheaper than losing 3 cruisers and having a BB laid up. Or losing a BB or BB & BC.
As noted earlier:
BB/BC is a poor choice for a hybrid - putting lots of extremely flammable gasoline in a ship that is expected to go toe to toe with opponent is just a bad idea. Not necessarily the shell hitting the fuel tank, but more damaging tank or line resulting in fumes filling the ship.
DD and smaller have the issue of range & stability (not necessarily in that order)
You need enough speed to keep up with the battle group.
Which pretty much leaves cruisers as choice for the hull.
And no navy built cruisers with immunity zones to 8" guns, most not even 6" guns, so they really don't have any business engaging peers, let alone the big boys.
To be truly useful, the hybrid cruiser needs a landing on deck - RM proposed conversion of CA Bolzano into fighter cruiser might have been solution for what happened at Cape Matapan but too expensive overall IMHO, not to mention after the 12 a/c have been launched it is little more than a flak ship.
As a raider, a hybrid cruiser has lots of potential:
It can scout a much larger area than a gun ship - finding both potential targets and enemy forces (with functional Ar.196, battle of River Platte never happens)
The "Roberts rules of merchant raiding" required providing "position of safety" for which ship's (aka life) boats don't count. So, the raider needs to get close enough to transfer the crew before sinking the ship - which basically means aircraft can't attack merchantmen.