I am a big proponent for J2 DOW. J1 I purchase the classic 2 transports and minor facility, mobilize in Asia, take the easy Chinese territories, and use the heavy bombers and Kwangsi units to take out the Burma road at Yunnan.
In the non combats I move the navy from SZ19 and 20 to SZ36, with both transports stocked. keep a 2 unit perimeter on each territory adjacent to the China front, move the rest down the coast (leaving the infantry stacks on Manchuria and Korea). The loaded aircraft carrier in the Caroline Islands moves to SZ36 as well (to make a more dynamic looking plan). And then the entire navy in other than the cruiser and 1 destroyer SZ 6, with the transport loaded with the tank from Japan and 1 infantry from Korea, moves to the Caroline Islands.
This mobilizes the Japanese forces for taking Hong Kong by land and air J2, Borneo from SZ36, and Malaysia with most of the SZ36 Armada, including the other transport, and the heavy bombers. Depending on whether the UK turtles GB1, some of the force can go towards a Philippines attack as well.
Now the variable then becomes what to do with the transports purchased in J1 in SZ6, and the Caroline Islands fleet. You have the option of a full strike and hold of the Honolulu, or a strike on Queensland and the Philippines.
No matter what path you take, the key is always to keep as many planes and capital ships alive as possible, ideally you will not lose more than 3 planes, and no capital ships at all.