The industrial complex costs 15 IPCs. You need to commit transports to the Indian Ocean to utilize that 4 unit producing industrial complex. You will not utilize Japan’s industrial complex to its fullest. You will not have IPCs to purchase air and/or naval units to counter a light US push in the Pacific.
It’s okay as a counter to an Indian IC, but if there is no Indian IC, I believe there is usually no point to that 4 producing industrial complex. (Actually, I believe that not only is there no point, it’s a waste of IPCs, and forces Japan to commit to the Indian Ocean, and slows Japan’s advance in general because of the IPCs required to build the complex and transports were not used for early tanks.) That is to say, if the Allies have a KGF going with units going to Africa and Europe, Japan will have to commit a decent sized force of infantry to Africa, meaning that the Japan attack on Russia will be far weaker. If the Allies have a KJF going, the Japanese industrial complex does not help defend against a US navy/air force (Japan does gain a positional advantage with that industrial complex, but the cost of the industrial complex, combined with the need to continue the battle in Asia, combined with the need to defend multiple targets against US invasion, makes for a difficult game for Japan.)
You can force the Russians to withdraw from Ssinkiang AND force the UK to retreat from India with a tank force at Kwangtung combined with moderately sized infantry forces in China and French Indochina (respectively), plus a couple of loose fighters.
That is, in brief - I think it’s a viable tactic in certain situations, including some situations in which UK does NOT have an Indian industrial complex. But I would generally recommend against the industrial complex.