Okay, let’s say GER1 doesn’t involve any expansion in Africa, aside from 1inf1arm to Libya. No transports are built, but fighters are used to attack your battleship and for Russia. This means that you probably only have one transport left, but GER loses quite a lot of airpower (maybe). I simply say that Norway probably won’t be possible that way and might not be the best idea, depending on what Russia did. Let’s assume that after GER1 only 3 Fighters can reach Egypt on GER2.
If your opponent doesn’t attack at least one of your transports in the Atlantic he has messed up. Algeria probably will be abandoned, but you can still ship units there. However, then Norway has no pressure + SZ12 can be attacked really easily, which might cost UK and US 3 transports.
Completely abandoning India means that there will stand a factory at J2 or J3. Reinforcements for Caucasus can be blocked off and Africa is pressured heavily without any big efforts by Japan, which simply leaves Japan far too much room imo.
Let’s look at the defense of your IC: you have one AA, 3 Inf, 1 Arm, 2 Fig. Germany has 3 Inf, 1 Art, 2 Arm in Libya and can ship in 2 Inf or something like that. I said that 3 Figs were to reach Egypt. This way Ger will take Egypt. Even if they don’t load any units to Libya on Ger1 they will, even with 2 figthers they probably will, even when both things happen they have a chance of over 60%. It might cost them a big part of their aircraft and momentum in the Eastern Front, but at the same time Japan got India for free, basically. Your fleet got demolished or Russia took heavy losses. You gave Germany an IC that pressures Caucasus and contests Africa, and which also can be reinforced by Japanese fighters.
So the factory can be turned against you far to easy and it doesn’t really give you much, even if it works or gets ignored. But I need to add that I never actually played a game where a factory in Egpyt has been built.