Hi Greg,
was finally reading back through the site and found your post.
In 'McDonnell Douglas Aircraft Since 1920: Volume 2" Rene Francillon paints a rather different picture of Hughes pursuit notions.
To start with he states that, unbeknown to Dick Palmer and the crew building the H-1, Hughes had set up another crew to build a fighter variation for entry in the Air Corps Pursuit Competition scheduled at Wright Field in August of 1935. Nothing came of it as the fighter, which had been given the martial sounding designation XP-2, could not be completed in time for the competition. Evidently there was an incident where Hughes purposely misrepresented a statement made by the Air Corps project officer, this began the friction between Hughes and the Air Corps that was to reach a critical point with the D-2/XF-11 debacle.
The next chapter in the sage was that following his trans-continental record flight in the H-1B, Hughes ignored an informal request by the Air Corps to bring the aircraft to Wright Field and discuss a possible pursuit development. Instead Hughes had the aircraft placed in storage.
The final act was that after a little less than three years of storage the aircraft was 'transferred to the Timm Aircraft Company in a $100,000 dollar paper transaction..in 1940 a desultory effort was made to modify the aircraft into an all-metal fighter. Nothing came of the project and that was the end of the H-1 as fighter story.
Francillon does not mention what the modification would have entailed...and its possible that nobody left alive knows what was intended or actually done.
However, going from the fact that it was intended for the 1935 Pursuit competition and based on the entries from Seversky(XP-1), Curtiss(Hawk 75B) and Vought V-141(Northrop N3)...I'd say minimal change in appearance and a pair of Browning machine guns, one .30 and one .50, firing through the propeller. May do that with the 'long-wing' version in the CMR twin-kit.
Cheers, Jon