ORAC
If the "legacy industry" you are referring to is shipbuilding, then I'm afraid you are gravely misinformed. If you think there is either a commercial or European industry sitting there ready to jump in, then you need to name some names. In actual fact, the UK warshipbuilding industry is still relatively advanced (particularly where you get to the difficult, classified bits) compared to most others - particularly the US who have a shipbuilding industry best described as archaic. The ~ 12000 people and remaining facilities in the UK can still design, produce and maintain the full range of ships we are likely to need, ranging from DD/FF through carriers and amphibious ships to the really difficult things like submarines. That is why there was a Maritime Industrial Strategy, but strangely, not an "aviation" one.
If you want an example of "raping the defence budget", I suggest you look no further than Typhoon (and I am a converted supporter), where £20Bn (yes four times the eventual carrier cost) has been incurred to produce a highly capable (but limited to land-based) fighter aircraft, where UK industry is limited to elements of the design and manufacture and is not capable of full assembly. Or A400M, where our input appears to be limited to design and production of the wing section (standfast RR input to the engines). Or Sentinel / ASTOR, where we spunk billions at a useful bit of kit to then bin it in favour of Reaper?
Should we include AW and Wildcat? Almost certainly, but Chinook and Blackhawk are not the answer to every question.
The carriers are not the cause of the "black hole", however convenient it may be to think so.