Rule of cool
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Vic could have easily made 20 years of actual service... so ~1980-82 after a 1969-71 Phantomization that made modifications to catapults, arresting gear, support equipment, and a ~1975 overhaul of the boilers' linings etc.
No need to redo everything, as she was in better shape than Ark Royal.
Eagle had just come out of a 5-year rebuild in 1964 and only needed a 12-18 month refit in 1972-73 to update the 3 unmodified arresting engines, add water-cooled JBDs, and support equipment.
Her boilers would need attention in 1978-79, then she could serve until ~1984-85.
Ark badly needed more propulsion plant/auxiliary equipment work than she got, so doing that work in 1980-82 would bring her to the late 1980s or early 1990s.
Ultimately all you're doing is kicking the can down the road, the RN needed new carriers by the 60s and extensive rebuilds of old carriers and even the helicopter cruisers equated to a significant percentage of the cost of CVA01 for a fraction of the capability.
The Ark carried 12 Phantoms, 14 Buccaneer, 5 Gannet and 5 Sea Kings in the 70s, presumably the Eagle would have carried the same. The Vic was considerably smaller so would have carried less aircraft, likely akin to what the Hermes carried in the late 60s but still cost tens of millions of pounds to convert to last for a decade.
In contrast CVA01 was quoted at 56-70 million pounds just before her cancellation, would have a 30-year life and carry 36 Phantoms and Buccaneers, 5 Gannets and 6 Sea Kings. Bargain!