I think you have plenty of air power as Japan w/o the 4 carrier planes in the mid Pacific to do the job in China. I will say that at times I have kept 4 more air units on Japan as well to deter the US from moving its home fleet up to Hawaii US1. I have even thought about building 2 transports and 2 subs J1 to really put the pressure on Hawaii (sz26). I think you need to build that extra transport (or minor IC) though, so I haven’t built the subs.
I think the problem is more with the lack of ground units Japan will have in Asia, but this is the case in any J1 attack IMO. Using the 3rd transport to take Wake leaves you with less options in the Asian land battle. You have to make some decisions in this J1 attack if you take Wake Island because of the other things you need to do. You need to take Kwangtung, load the SZ20 transport for the assault on Phil, and hit Yunnan. So the 4 units from Kwangsi hit Yunnan, and that leaves just the 4 units on Kiangsi to take Kwangtung (2 inf) and load transport (inf/art) to hit Phil. This leaves no ground units to take Hunan. You have plenty of air units to assist on these battles, but should you try to air sweep Hunan, maybe?
Another thing you have to consider is a British attack on either FIC (where you want to build a minor IC), or your air force sitting on Kwangsi. The Brit transport w/air can hit either of them, so you probably want to end J1 with a couple war ships in sz36 so they can’t get ground units in. Doing that leaves the attack on sz 35 a little weaker, so they could scramble the ftr. You could place a blocker in sz37, but that isn’t a good place for your cruiser, unless you used it to attack the Brit BB. Just saying you need to balance this out, and see the counters.
Any way, yea Asia is a problem early on, but the transports and minor ICs should help with that in the mid term.
BTW I agree that the Russians sending in the mech/tank into China is a good idea, but I’m also looking at Gargantua’s 6 tank purchase R1 (3 for Leningrad and 3 for Ukraine) to keep the Germans from stacking E Poland G2/G3. If you send that mech/tank to China you lose the odds advantage for attacking East Poland (just saying that it isn’t always the way to go).