Of coarse, all that money could have been spent on American dive bombers instead of fighters and level bombers. But then, there would have been no fighters to protect the dive bombers and and German industry would be able to produce war material unimpeded from RAF BC. Then there is the resources Germany could have used elsewhere that were drawn off to combat BC.
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Building up the RCN would have saved the convoys
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How would that have been done. British shipyards were full of construction and Canada didn't have the shipyards. Maybe American shipyards could have helped with building up the RCN, at least before Dec 7 1941.