I am totally on this page, likely TN thinks the same. They have had a great and indispensable input for 76mm project and i don't think they would be willing to allocate additional resources for a 127mm project. We should improve 76mm as far as possible to the SR level and equip it with multi-purpose smart munitions. From there on we may work on 127mm smart munitions for 127mm to be supplied from foreign partners.
76mm could be even meaningful for the multi-purpose frigates. Twin 76mm configuration would provide a better protection and higher fire of rate and easier integration. 76mm goes one deck level depth, 127 occupies 3 deck levels.
Let's just focus on 40mm and 76mm and make these as compact and responsive as possible, equipped with variety of smart munitions, and with optional non-penetrating variants.