You have an advantage starting with a British battlecruiser because you already have a relatively long, relatively large, relatively fast hull that's built around turbines from the start. These ships were early enough, however, that a reconstructive modernization 20 years after completion might justify a newer, better set of turbines in addition to new boilers and oil firing, even if the current ones were in good repair.
The main problem with a reconstruction in ~1930 is that it's just before the radar era, and you might be up for another refit in 1940 or thereabouts (if the ship can be spared/is still afloat) to install more generator capacity.