The Hornet makes the most sense if you go for a new aircraft, of course in reality the FAA would have stuck with the F-4 until these ships decommissioned. And by the late 1980s the Hornet is the only new-build carrier-based fighter option. Rafale is still years away, a navalised Eurofighter 20+ years away, a naval-Tornado seems unlikely, naval-Jaguar possible but low-capabilty compared to Hornet, F-14 impossible. Replacing the Bucc with a bomber is likewise impossible and so the FAA now becomes a one-jet service. Doubtless BAe could get some offset work, perhaps local assembly at Warton and British ECM and radios and systems. ALARM and Skyflash could also be integrated.
I still don't buy this logic; mostly because if, and I accept its a very big IF, two of these were built (as here), there would have to be an air wing already factored, meaning initially F-4 and the Buccaneer. The only aircraft in the pipeline that was going to replace those two was the Tornado, so a marinised version would be the more logical route. Firstly this meets the mission profile of intercepting Soviet bombers over the Atlantic, and a decent low level strike aircraft. By opting for the F/A-4, it would advertise that the Tornado wasn't worth considering for other customers. The Tornado would be adaptable to shipboard operation; it is/was quite a compact aircraft compared to what it would be raplacing. I also don't buy into any worthwhile offset,as proposed here: Foreign engines and radar doesn't leave much else to offset if we are looking at 'assembly' of knock down airframes. And of course, once we get the Hornet into British service their would be no Eurofighter (not a bad thing), but then you'd need to get the RAF onside to adopt this aircraft alongiside the Tornado/Harrier/Jaguar. And if the RAF was being put into the position of adopting another US aircraft there could only be one they would accept and that would be the F-15, which is what they wanted anyway. I'm afraid this is one of those ideas that look good in principle, but unreavel in the light of 'realpolitik'.
That said, the CVA-01 was a 'white elephant' by the time this design was off the drawing board; and of course, the RAF was going to do the same job when it got the F-111