I accept that there will still be a lot of work to re-do an old design, but there would obviously be some savings/lower risks compared to a totally new design.
For example, we KNOW that if you build a new Buccaneer with the same weight and external dimensions, the hook will work for deck landings. (See F35)
We know how it will handle, what its foibles are etc.
We KNOW that we can make engines that will give more power, better reliability and lower fuel consumption.
We KNOW that all the various events like airborne refuelling work without altering the configuration.
etc etc etc.
The airframe will produce no unpleasant surprises.
We also know that there is enough space on board for a vast amount of shiny modern toys and still have a baggage compartment big enough for 8 crates of beer.
