Much of the cruiserdevelopment depended on what role the cruiser was to have in various navies. Classical cruiser mission profiles asked for a flexible multirole vessel, capable of operating alone and in a group, with a very high speed and some protection to its vitals mostly, though not necessarily.
The British developped the cruiser as a warshiptype propably the best, as their cruisers in general would have a QF main armament, which in times of a powerfailure could be operated manually. This last requirement settled their overall maximum caliber on 6 inch, or something around that, since the 100 lbs 6 inch shell, was generally thought to be the heaviest sort of shell, capable of being man carried.
Heavier guncallibers were mainly thought of when a cruiser was to act as a sort of commerce raider, or for a type of cruiser intended to fight other heavily armored targets, when protecting trade or so. For a normal cruiser, this sort of unwieldy complex mechanically, powered guns were a liability in most cases and the Royal Navy was not very entusiastic about it. Other navies, with a different idea wanted this larger calliber on cruiser, for mainly political reasons (namely: the opposition had them, so they must have it too. See USA and Japan). Such larger callibers were hardly practical in cruisers intended to perform in a cruiser role, though the Japanese and USA mainly constructed these cruisers, as they were thought of as substitudes for battleships, which were banned to be build, by the treaty. The Royal Navy only reluctantly follewed this armamentsrace, as the british wanted numbers of cruisers, not the largest types of cruisers, as they ate too much of hte available tonnage allowed for cruiserconstruction.
If no limmitations would have been agreed uppon, the most logical development would have been somwhat simmilar to the pre Great War period in Dreadnought and battlecruisers, getting bigger, with ever growing firepower, to the limmit of the technical capabilities. The german Heavy cruisers of the Deutschland Class give a good idea of what a cruiser could become eventually, a heavy type of commerceraiding cruiser, with oversized guns, on a cruiser type hull, with speed to outrun anything stronger and guns heavy enough to outgun anything faster (at least theoretically). The British would have settled on a much larger number of smaller cruisers, around the 5,000 to 8,000 ton size, all armed with QF guns of around 6 inch, or less, depending on the main role some cruisertypes (like the development of the CLAA). 6 inch was perfect for the roles the british thought off, as the sheer volume of steel the 6 inch QF could throw into the air in a short time more than compensated the lack of shellweight, as all cruiser, no matter which ones, were still vulnerable to shells of 100lbs or so. The USN too had to learn the hard way in WW2 that their lack of 6 inch armed cruisers in the early stages of the war, proved this in the scarry battles in the first year of war.
Logcally the end of the line in cruiserdevelopment would be the already existing battlecruiser, as the same sort of cruiser armamentsrace had been played in the years up to 1906, when Admiral Fisher came up with the Invincible class "Dreadnought Cruisers".