ORIGINAL: Canoerebel
If reaction were limited to no more than a hex, I wouldn't even consider the strategy I'm proposing. As you suggested, I'd set CVE fighters to a range of one, thus ensuring that they'd be within range to provide CAP to reacting CV TFs.
But in two of my last three carrier clashes, I've seen reactions of three or four hexes. This includes the most recent battle in this game (less than three months ago game time, a bit more real time), and a late carrier action in my game with John III (sometime in late '44 or early '45, when John was raiding SoPac and I tried for an intercept just east of Luganville).
Are you not running the most recent version? Because multiple-hex reactions were fixed.
ORIGINAL: Canoerebel
If carriers can react multiple hexes, you can see that it eliminates the strategy of "keeping the CVEs within close range for mutual air support).
Addressing one of your concerns, my CVEs wouldn't "take the place of AA platforms." They'd supplement. Usually, my carrier TFs have about 15-18 ships. What if I just fill them up to 25 total with the additional CVEs (or, possibly, pull out a few CV/CVL and add in as many CVE and a few DDs to make up 25)?
As for the surface combat threat, the Allies vastly outnumber the Japanese in combat ships. Death Star should have about eight to ten dedicated combat TFs. In the last battle, Erik didn't try for a surface combat engagement. That doesn't mean that he won't this time, but I think the odds are low, and that even if he does he's likely to come out on the short end.
I agree I probably can't win without CVs or if I lose a carrier clash decisively. That's the reason I'm turning over ever stick and leaf trying to figure out a way to maximize the chances that CVEs are there to enhance CAP. The additional 900 fighters (plus some TBM squadrons for ASW support or follow-up naval strikes) offers a tremendous amount of security.
With all of that information, I'd be going for the battle.
Check your version...