Shortround6
Major General
Without Hindsight I am not sure what changes would be made. The stern round down and the forward Flying off deck were pretty much used by the Japanese. So the need for change is harder to spot.At this stage I'm more interested in how without hindsight the original 1925-1928 conversion could have been improved upon, rather than redoing the ship in the 1930s.
The Courageous class does have a hull problem. They were a bit shallow and had very little parallel sections, that is they had a lot of taper on both the bow and stern that almost meet in the middle.
This makes higher top weight a bit harder to balance.
Just having more hanger space doesn't mean that much more capability if you have don't increase the aviation fuel stowage and magazine space for bombs/torpedoes.
The ships range/endurance were short in any case. In part due to the old engines which were not as efficient as newer engines/boilers of the 1930s.
The Courageous class were built to use Fairley Flycatcher (400hp) the Fairley III (570hp) and Blackburn Dart (under 500hp) and even with 48 planes the fuel storage would last fairly well. Even a 20-50% increase in the power of engines isn't too bad. Starting to use 850-1300hp engines and the increase night flying sucks down fuel at a much higher rate.
The 4.7in AA guns were not up to WW II standards by a large stretch but by 1926-28 standards they were actually pretty good. Again we need hindsight.
At least the Courageous class were not saddled with cruiser guns. But that means you don't have anything to take out and swap anything for.
You could change things a bit but without hindsight you don't have a clear path and you are stuck with the old hull and engines which are not going to solved by any conversion short of a complete rebuild. Any changes are not going to change capabilities by much.