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There would of course have to be a refit of this Vanguard for steam catapult and angled deck, looking at this it would suggest that completion of the third Audacious ship (26% complete when work stops) rather than continuing with Centaur or Colossus types is the likely outcome. Thus Four large (for the RN) CVs obviating the need to upgrade the Illustrious class. This also undermines the Malta effort and the talk of such large ships in 1947.
But planning of the 1952 CV will still occure, driven by the dictates of a nuclear bomber and the then Scimitar, and still fall afoul of the same problems. Suez will still happen and this means their successors will be planned from 1958 onwards....so we're back to CVA-01 territory.
But perhaps in interim from 1953 to 1956 the Medium fleet CV would take on a different character, by virtue of keeping the Y300 plant at 50,000shp.

Upgrade of drydock facilities is a useful option if the monies are there in say 1951-53. A military drydock built to cope with large carriers would open up possibilities or the purchase of a civilian drydock and changes for military refit work. A drydock able to cope with a 1000ft long flightdeck of 190ft width is the prerequisit for the future as the 1952 effort would highlight.

Always when I think of such a dock at Portland seems to come to mind as ideal if there is a major road/rail bridge over the fleet built.

But won't refit and completion of the Audacious and Vangaurd still soak up all the funds available?

Refit of Colossus class in the 50's is either to the standard Warrior was or a more substantial change in the 1952 timeframe.

That second option is to refit the fleet of Colossus types including one for replenisment as per the DNC offering 1951, they'd use two YEAD 1 machinary for 60,000shp and 28.5kts. But again only the 105ft catapult, and mk12 arrestor gear. This limits their usefulness once NA.38 switches from a fighter operable from Colossus types with 103ft catapults and mk12 arrestor gear to 151ft catapults and mk13 arrestor gear.
If machines like the DH116 Super Venom (not much Venom left but having great potential) and SeaSwift are built its not a problem, but once the RN focuses on SeaVixen and Scimitar FAW it seems unlikely. NA39 would put the final nail in the coffin for that idea.

A third option for the Colossus is to refit them to an even more extensively capable standard, but mk13 arrestor gear will impinge into the hanger height and the 180ft catapult will also do this. However such equipment with appropriate deck strengthening would keep it valid for Scimitar and the Saro P177 in limited numbers, so this option is persuable upto 1957 at the latest. How far would they be completed by that time is the next question?

Alternative is to continue with the Centaurs and build all eight but their completion is a problem, for the RN far more logical to persue these ships than any more Colossus/Majestic types as the end of WWII comes into prospect and then finaly happens. But the work on the Colossus fleet was such completion was the simplest option, however the Majestics might have been cut.

Reworking of Centaur types to Hermes standard would likely be chosen, and continue upto 1956/57 in the expectation of the Saro P177 would keep them as military useful into the 1960s. But once that fighter is canceled the fleets future looks bleak beyond Commando carrier, Training and relinishment/repair functions.
Their future can be resurrected if something like the F8 Crusader or Type 583 or navalised Mirage F2 (or even the F1) or later Mirage G is produced.
To keep them useful otherwise requires a single 250ft catapult instead of two 151ft units, but in planning terms the OR346 types would still be at best very marginal in them if at all so from 1960 onwards their fate is sealed. AW406 could give them life if the RN does'nt choose the F4 in 1964.