I like an IC in South Africa.
You can usually extricate your Australian fleet and send it to South Africa as well. From there, drop a CV and a plane or even just a few DDs/CAs and you are business peeing in Japan’s pool and threatening to take back the DEI. Its a fairly minimal investment, but it can cause Japan major headaches (assuming the US is playing in the Pacific, which I consider required of the Allies).
So, IMO, a factory in SA does the most important things for Britain.
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It helps retain control of Africa (2 tanks a turn is enough to make it very hard for Italy to take Africa, especially with a minor US/Brit ‘Operation Torch’).
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Helps retain or retake Brit possession in Asia. Japan simply cant split her fleet effectively enough to deal with the US and keep the Brits pinned (unless they forgo a KO on China and/or attacking Russia, both of which I think are bad ideas).
Currently I havent seen a GOOD answer to a Brit IC in SA. Three games out of three, the Allies have won with that strat. I have yet to have fight against it yet. Twice I was Britain using it, and once I was the US and the UK player and I made a mess out of Japan.
I highly recommend trying it in most ‘standard’ games. If the Germans try something silly and starting BB survives (or both the CA/DD in Gib), then I’d prolly go with a more ‘traditional’ Brit game. But barring that, drop the IC in SA and then start creating ‘harassment’ forces in England as well. Generally I’ve found that the income I save by not losing Africa and/or recapturing at least one of the DEI area is enough to pay for the units being produced at the factory so its not like it really slows you down in your efforts to land on the Continent.