I noticed this too. I thought about pointing this out but for some sinister reason, I forgot about it.
Kaga went from a 31 feet draft as a BB (planned) to 26.5 feet as a CV which is 4.5 feet. so even 4.5 feet is possible if you are truly desparate, but I think it depends how far you are with construction of the ship. decreasing draft can also result in some alteration of the block coefficent as well. I'm not sure if removing armor will affect the beam of the ship that much, but adding those torpedo bulges does significantly increase the beam of your ship.
Of course if you remove the main guns, secondary's and CT armour as well as reduce the side and deck armour, but do not change the dimensions, you remain at about the same weight. But with the hull-stength you got free by removing all that stuff, you can alter the draft and that reduces the weight of the ship.
The way I do it is reduce the draft and increase freeboard with the same amount so in essence the total height of the side remains unaltered. But I think even that can be altered somewhat when the ship is in the early stages of construction.
Walter