I wonder if we could examine this issue from a slightly different perspective. Say the Japanese were building Yorktowns instead of the Soryus, and the US had to build Soryus instead of Yorktowns. Assume the other classes are built with perhaps some minor tweaking where necessary, and money is not the problem, just the tonnages set by the treaty.
There were four Yorktowns with a total tonnage of around 100000 tons. They could have had 6 Soryus with an a/c capacity of 378 a/c and a reserve capacity of 54. Individually each hull is more vulnerable but there are 6 of them, carrying more a/c. Combine that with the known US superiority in damage control and I think the US may have been better off with the Soryus. The problem of course is their fragility, though it took more bombs to knock out Hiryu than Yorktown at Midway. probably a fluke I would concede.
Conversely The Japanese had 34000 tons for the hiryus and they also had 8000 tons for the Ryujo. It creates an awkward tonnage issue for them, with 40000, they just don't have the tonnage to build 2 Yorktowns whichever way they cut it.
If they retain the Ryujo, they could build one Yorktown and another Ryujo, but probably better to cheat a bit and build another shoho class. So, in exchange fior their two Soryus, they could get 1 Yorktown and 1 Shoho, and even then have to lie a bit (Shoho had a displacement of 11000 tons).
For the British, there are four alternative scenarios that I can see.
1) Build 3 Ark Royal repeats instead of the 4 Illustrious option. If they scrap or demilitarise the Argus, they could build the 4th Problem here is that these carriers would never be more than 50% full and carried inherent and serious design flaws. The Bucknill Committee, which had been set up to investigate the loss of the Ark Royal produced a report that concluded the lack of backup power sources was a major design failure, which contributed to the loss: Ark Royal depended on electricity for much of her operation, and once the boilers and steam dynamos were knocked out, the loss of power made damage control difficult. Moreover the strakes protecting engine spaces were not of sufficient height to protect the engine spaces from uncontrolled flooding and the two design issues fed off each other in a vicious way. The committee recommended the design of the bulkheads and boiler intakes be improved to decrease the risk of widespread flooding in boiler rooms and machine spaces, while the uninterrupted boiler room flat was criticised. The design flaws were rectified in the Illustrious and later the implacable classes, but these solutions took time.
2) Build the Illustrious class with these design solutions in place, but otherwise to the original design. I think this is the least feasible of the alternatives, because there simply aren't that many advantages to doing that. The Illustriousclass was designed within the restrictions of the London Naval treaty in place, were built to an to an upper limit of 23,000 tons. They were different in conception to the RNs only modern carrier at the time, their predecessor Ark Royal and what may be described as their nearest American contemporaries, the Yorktowns class carriers.
Where other designs emphasised large air groups as the primary means of defence, the Illustrious class relied on their AA and the passive defence provided by an armoured flight deck. This latter aspect has often been thought to been the cause of her small CAG, but this in fact is a furphy Other carriers had armour carried on lower decks (e.g. the hangar deck or main deck); the unprotected flight deck and the hangar below it formed part of the superstructure and were unprotected against even small bombs. However, the hangar could be made larger and thus more aircraft could be carried, but the differences in aircraft capacity between these carriers and their United States Navy (USN) counterparts is largely due to the USN's operational doctrine, which allowed for a permanent deck park of aircraft to augment their hangar capacity. Illustrious's hangar was 82% as large as the Yorktown design. but the US carrier typically carried 30% of her aircraft capacity in her deck park. That equates to 23 a/c, and effectively reduces the air capacity if used as the Illustrious was uses to 51 a/c in the hangar. Indomitable's two hangars were actually larger than Enterprise's but she carried fewer aircraft because she did not have a large permanent deck park. In 1944/45 RN carriers began to carry a permanent deck park of similar size to their USN counterparts and this increased their aircraft complement to an eventual 57 aircraft in the single hangar carriers and up to 81 in the double hangared carriers.
In the Illustrious class, armour was carried at the flight deck level—which became the strength deck—and formed an armoured box-like hangar that was an integral part of the ship's structure. However, to make this possible without increasing the displacement it was necessary to significantly reduce the headroom of the hangar. The later three vessels, Indomitable, Indefatigable and Implacable, had re-designed two-level hangars which enabled them to carry larger air groups than the original design. The size of the air wings was also increased by using outriggers and deck parks. The original design was for 36 aircraft, but eventually the vessels operated with a complement of up to 72 aircraft. However, the smaller overhead height of the hangars (16 ft (4.88 m) in the upper hangars and 14 ft (4.27 m) in the later ships with lower hangars) compared unfavourably to the 17 feet 3 inches (5.3 m) of the Essex class, 17 ft 6 inches (5.38 m) in Enterprise and 20 ft (6.10 m) in Saratoga. This restricted operations with larger aircraft designs, particularly post-war.
This armour scheme was designed to withstand 1,000 pound bombs (and heavier bombs which struck at an angle); in the ETO and MTO it was likely that the carriers would operate within the range of shore-based aircraft, which could carry heavier bombs than their carrier-based equivalents. The flight deck had an armoured thickness of 3 inches, closed by 4.5-inch sides and bulkheads. There were 3-inch strakes on either side extending from the box sides to the top edge of the main side belt, which was of 4.5 inches. The main belt protected the machinery, petrol stowage, magazines and aerial weapon stores. The lifts were placed outside the hangar, at either end, with access through sliding armoured doors in the end bulkheads.
Later in the war it was found that bombs which penetrated and detonated inside the armoured hangar could cause structural deformation, as the latter was an integral part of the ship's structure.
Pre-war doctrine held that the ship's own firepower, rather than its aircraft, were to be relied upon for protection, since in the absence of radar, fighters were unlikely to intercept incoming attackers before they could release their weapons. Accordingly, the Illustrious class was given an extremely heavy Anti-Aircraft armament. The armament was similar to Ark Royal with twin 4.5 inch turrets (in a new "between-decks" or countersunk design) arranged on the points of a quadrant. The guns were mounted sufficiently high so that they could fire across the decks; de-fuelled aircraft would be stowed in the hangar for protection during aerial attack. The Illustrious Class were fitted with four HACS controlled High Angle Director Towers, for fire control of her 4.5" guns.
Bottom line is that without armour scheme, you might get another 10 a/c per carrier. Build to the later Indomitable design, and you might get 1 less carrier and a capacity 20 more a/c across the class
3) Build to the new concepts embodied in the slightly later Unicorn. At 16000 tons, you get 6 carriers instead of 4 with a carrying capacity of 35 instead of a design capacity of 36 (but practical of 53). The air capacity is near as dammit the same, but againwe are at the conundrum of hull numbers versus design strength. Hard to know which strategy is better, but coming from a background of the post war light fleet carriers that came from the unicorn, I tend to favour the unicorn option.