I took some historical figures and did some rather simple changes to them. However, I agree with you on most of this, so I'll get back to work on the basic design specs to put it more in line with what's possible.
Actually just looked up some engine weights, which was quite interesting. Also caused me to revise my weight projections significantly as the historical engines were not only less powerful but also 150kg heavier than the Derwent V. Also, keep in mind that there are 2 of those engines, so the thrust-weight ratio is for 2 engines, not one. By my calculations, the T-W is currently .504 at max takeoff weight (which would be with a max loadout of external stores), .541 at a 'standard fighter weight' (no external stores, all internal fuel and cannon ammo) of 6700kg, and .575 at 'light fighter weight' (6300kg, full internal ammunition but only 1200lb of onboard fuel).
Ultimately at higher speeds it's going to have compressibility issues that are going to keep it from using its higher thrust efficiently. So while it might have a higher thrust-mass ratio on paper, it's not going to have a higher top speed, though it might have better straightline acceleration on the flat from low-moderate speeds to higher speeds. The climb rate should also be quite good, same with the length of runway required for takeoff. Downside compared with aircraft like the MiG-15 would be double the maintenance issues with 2 engines, slower turn rate due to lack of a proper rudder, and reduced pilot visibility to a degree. Some of that could be compensated for with tactics that used the higher acceleration and rate of climb to keep a fight in the vertical.
Reasonably I could possibly put that additional thrust to use with having higher internal storage or loadings, but I'm also considering that this is supposed to be a bit of a 'leap' aircraft for the nation, so it's going to have its unrealized potentials and deficiencies. This would be a plane that in its Mk 3 or 4 variant might be noticeably improved.