I love to hit Hawaii w/J1 attack. You can hit every thing you normally do w/J1, plus take out a few more US ships. What you can’t do IMO is go all in and leave your fleet exposed at Hawaii to a counter attack. You can still hit the US fleet at Phil, and take the island using your other two tpts, and carrier planes. The UK BB is still a viable target, and so is Kwangtung and FIC (I like to build minor ICs on both J2).
I don’t agree with stationing your fleet at Midway J1, because the US San Fran fleet can hit you. I go to Wake because it is much safer and you can block out the US San Fran fleet.
I hit Hawaii with 1ss, 2 dd’s, 2frts, 2tacs. The important thing is to have a dd survive the battle (even if it costs you planes). Having a dd survive in sz26 blocks out the US San Fran fleet so it can’t be used in the counter attack on Wake. You then NCM your cruiser, BB and 2 carriers to Wake to pick up the air units. Also make sure you leave a couple planes on Japan to NCM in to replace any air you might have lost in the battle. I generally take Wake on J1 so that if the allies (US/Anz) try to double hit my Wake fleet my planes have somewhere to land. I can take the first 3 hits on my capital ships, and the planes can land safely (believe me the allies won’t hit you if you took Wake). I have played where I don’t take Wake a couple times so I can take Borneo instead, but you run the risk of a double attack at Wake (US air strike followed by Anz).
The US would be hard pressed to move its home fleet up to Hawaii on US1 with you sitting right next to him at Wake, especially if you took Wake and have 3-4 air units sitting on Japan. J2 I generally retreat to Caroline’s, but it would depend on what the US did on US1. J2 I like to take Malaya so the Anz doesn’t keep that NO, and Borneo if I can (using the Phil force). Then the rest of the spice islands J3. You can also force the UK to turtle if you buy a NB for FIC J2, and bring down the 3 loaded transports you bough J1.
I will say that Asia (China) will be a little thin, and has some early challenges. That’s why I like to build those IC’s on FIC and Hong Kong J2 so I can pump out some ground units J3.
When the US gets sucker punched and loses all those support ships it has a hard time deciding what side to build/rebuild on. The shackles are off, but they don’t have the navy to do squat for at least a couple turns.