It does have some nice perks such as being able to rush partially complete battleships, but arguably I reckon "Rush the Richelieus" should be ahead of the foci that gives a research bonus towards a new class (Same with Joffre and new CV research obviously).
I don't like the fact that research bonuses towards cruisers and DDs are completely locked behind the "New School" junction. France also lacks 1936 cruisers as a starting tech which makes little sense. Their La Gallisoniere class and Algerie class heavy cruiser was definately on par with contemporary designs that are treated as 1936 cruiser by the game (Leander, Leipzig, Hipper etc.) and France also had some planned very competent designs that never got started due to the occupation.
I'd change it so that "The Old School" can at least get a research bonus for escorts whilst "The New School" just gives even further research/time ahead bonuses and cost reduction.