I do think that Khufu renovated the pre-existing Great Pyramid.
However, it has also been suggested that the name Khufu (Khnum-Khufu, "Ptah/Khnum protects me") was not original but originally applied to the god Re or Ptah. This would explain the presence of this name in the inner most part of the pyramid. Khufu of the 4th Dynasty simply assumed both the name and pyramid of his role model. He may have then never entered the recesses of that pyramid (as implied by the Westcar Papyrus) but only repaired the outside.
In regards to chronology, if only 100 years is removed from the dynastic period, then the whole construction made by Egyptologists collapses. They can no longer maintain that Khufu of the 4th Dynasty is responsible for the original construction of the Great Pyramid. Most people, myself included, that chronology needs to be reworked agree that at least 100 years need to be removed.
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