It's an intellectual exercise, revolving around how aircraft could have been made better with technology available at the time around either
To start off: Aircraft that I could imagine huge improvements within the existing specification would be
- The existing specification: Basically, the idea would be working within the existing specification, but you could modify or change anything within the boundary of it.
- A different winner: Sometimes the problem wasn't the design so much as the winner to the contender: While way after WWII, many feel the YF-23 should have won over the YF-22, for example.
- A more realistic/practical specification: Basically the specifications are made more realistic to allow a practical design to be developed, an example would be the He-177 having 4 x DB-601's instead of 2 x DB-606's, or simply not being designed as a dive-bomber.
To start off: Aircraft that I could imagine huge improvements within the existing specification would be
- Y1P-37: The engine and turbocharger arrangement seemed okay, the problem was that the radiator and intercooler system producing an airplane that had the cockpit so far back taxiing would be a royal pain in the butt, and aerial combat could be disastrous.
- He-177: The basic design was fundamentally solid and, had it simply had 4 x DB601's instead of 2 x DB606's, or just not been built around dive-bombing specifications, it'd be fine.
- XP-61E: Either with an R-2800 used on the F4U-4 or a turbocharged variant would have put the plane's speed high enough to be a formidable fighter.