Ralph - Here’s a more complete opinion, way too long, but that’s what happens whenever you get into steam locomotive comparisons and what-ifs.
It may be possible that the H8 could have been designed as a 2-8-8-6, thereby spreading the weight over more axles. However, another viewpoint is that the H8's should have been put on a diet, and significant effort should have been expended to get rid of excess iron. Actually this happened on a small scale, as each succeeding order for the Alleghenies by C&O (1941 and 1948) and Virginian (1945) weighed a little less.
You mentioned a very interesting locomotive class that may have been comparable to the H8. Gene Huddleston wrote an article comparing the DM&IR Yellowstone with C&O’s Allegheny in the Holiday 2009 issue of C&O Magazine. Included in the article were horsepower estimates for each type found in Ralph Johnson’s book, The Steam Locomotive (Appendix C). He also wrote the book The Allegheny, Lima’s Finest. At that time I was interested in how the relative performance of the two would compare. The following is a very abbreviated (11 pages to ½ a page) summary from a research paper I wrote but never published.
When I started the comparison, I didn’t know exactly what the outcome would be. I didn’t expect the M3 to be particularly close to the Allegheny. BTW, these are not maximum on-test figures, but rather what one could expect to achieve in over-the-road service. Here’s what happened:
C&O H8 max. DBHP - 6,342 @ 50 mph
DMIR M3 max DBHP - 6,449 @ 40 mph
The results of the simulation should not have been surprising because they are about what one would expect from these two similar sized but very differently intentioned locomotives. The Allegheny was designed for power at speed, 40-60 mph. The Missabe Yellowstone was designed for high output at lower speeds up to 30-40 mph.
Steam locomotives are usually developed to match the specific operating conditions on a given railroad. The Missabe had a 30 mph speed limit for loaded trains and a 35 mph limit on empties. The 2-8-8-4's showed very high drawbar pull in the lower speed ranges, and were almost ideally suited for the road’s operations. The Allegheny’s best performance was in higher speed service, and part of the argument surrounding them is that they were not used sufficiently in this type of operation. However, it should be noted that the Alleghenies were eventually used over many divisions of the C&O and were not just assigned to the 78-mile stretch from Clifton Forge to Hinton, where their misapplication is frequently cited.
So I believe you were on the right track (pun intended) with the 2-8-8-x idea, but in 1941 there was no reason to reinvent the wheel. C&O may have been better served by a locomotive similar to DMIR’s 2-8-8-4s.