I just played a game against a very good Allies player, and I got some ideas from him, so I will add to my post above. This person was probably more skilled at this strategy than I could be, but I found what he did effective as far as confronting Japan, so I wanted to relate it.
He mostly executed a KGF, but he did start off with an Indian IC, and on the second turn, a US IC in Siankiang. Combined with some clever first turn UK ship moves, he stalled Japan pretty well with not alot of resource commitment. DD, fighter, carrier attacked the Japanese transport. Later on he managed to block me with a transport to prevent a potential transport attack on India. USA mostly focused on Germany, except for the IC contribution, and UK sort of went half and half. He also flew some USA fighters over to Bury, which, combined with the UK figher there, threatened any newly built tranports without escort, limiting somewhat where I could transport troops.
USA and UK both secured Africa pretty early in the game from the Germans.
Both the India and Siankiang ICs eventually fell to Japan, but it took several turns, meanwhile Germany battled a somewhat strong Russia, which was not as concerned about holding the eastern front, and the USA and half of UK’s effort.
I did certainly notice that Germany had an easier time of it than under a full-blown KGF, but it was still very difficult. No Africa income, and Norway was lost pretty early, and I was left trading Eastern european zones with the Allies. The game was extremely close, but Japan finally managed to get the upper hand in Asia, and I have to say, that the free India and Siankiang ICs were in pretty good locations, so that speaks against this strategy.
Germany had built a carrier first turn, and I was able to use my preserved fleet to destroy a small combined fleet, stalling the Allies somewhat.
Japan ended up taking Russia, but it was on what I considered a gaffe - a path was inadvertently left open to blitz tanks in. Otherwise, it is quite possible Germany would have fallen, although the USSR big stack was reduced by a German assault once, and there were not too many Soviet troops around to contend with the 7 tanks/1inf per turn Japan was turning out from its three ICs.
Anyway, it seemed like quite a viable strategy, so I thought I would pass it on.
Oh, and this was a no-bid game.