They were pretty decent designs on the tonnage and are probably the earliest of the fast treaty battleships that were to emerge during the 1930s.
However, note any heavy AA was omitted on these ships. I'm not sure that would have been favourable to the Admiralty, especially in view of the level bomber threat thought to exist at this time.
It probably wouldn't cost too much extra tonnage to put some 4in singles aboard and there is plenty of deckspace, but I'm guessing the 4.7in and 4in were left off because the designs were very marginal at meeting the Treaty limit. Although if they had been built and encountered the same amount of underweight at completion as the Nelsons, it would have been a handy bonus to add them then.
Anyhow we're going to have wait another five years before another capital ship is looked at again. Hopefully it won't take me that long to draw it!