From: Chicago, Illinois
Looks like Iwo is falling, and that will create the obvious question: What next?
I have stopped reading John's AAR, because I don't feel I can give untainted advice unless I am out of the know. So I am guessing at some things.
It will take maybe a week to secure Iwo, repair the airbase, and uncrate/repair enough planes to put up a decent CAP. 100 or so Corsairs should be enough to protect damaged ships in Iwo port, or at least make him pay way too much to get them. He won't try to bomb the port or base with anything less than KB against Corsairs.
I would immediately take your fast CV's and raid something to the north or west. I would do that ONE turn, then immediately get back to Iwo. You would have to leave your CVE's and BB's behind; even if KB happens to appear THAT turn, they should be able to put up enough Hellcats and Corsairs at Iwo to shoot down hundreds of planes.
A port raid on Osaka or Hiroshima/Kure would really cause alarm. It would absolutely freak him out. I think you have to do it WITHOUT recon, so you may or may not catch valuable ships. Osaka is probably more likely to have ships in port, albeit tranports. Neither probably has much CAP, if he is launching bombers from Tokyo, that is probably CAPed. In any case, there is no way he has enough fighters in the Home Islands that he would have 100 on CAP over Osaka. You could hit it from a point SW of Osaka that the bombers at Tokyo can't get you, and you can steam there in one turn no problem.
The other alternative is to raid straight west for ONE turn, looking for convoys. Your main objective NOW should be the interdiction of supplies from SRA. If you can accomplish that, the Empire will collapse.
You probably need to pick your next target now. You can start prepping those troops on Iwo for somewhere else as soon as it falls. Your choices:
1. MARCUS: The conservative choice, this would have the great advantage of clearing your supply line to Iwo, at least clearing it from LBA. Your biggest problem is that everything will need CV escort for the time being, a huge logistical challenge, but one that will be easier when you get more CVE's. RISK: Low REWARD: Low, but will aid in long term.
2. OKINAWA: I prefer this to Luzon. You can expect a horde of aircraft from Formosa or HI, but interestingly, Okinawa is outside the range of the Tojo, Tony, and Jack from those places, so he can only get Zekes over the Island. I bet there aren't alot of troops there right now, and I also bet that is being corrected. But even so, how many units can he have there? HIGH Risk, but HIGH REWARD; the HI would be completely cut off.
3. LUZON: John thinks you were going there. He probably has a large land army there at this point. Even so, getting ashore should not be a problem, it's staying ashore that will be. I am on the fence here, but it's tough to supply Luzon, even with Iwo.
4. LEYTE/CEBU/ISLANDS: If these bases are well-built, might be worth considering. He can't defend them all in Division strength, so taking would not be a problem, or holding. Supplying could be, and there are numerous ways to Bombard the base, unlike Iwo, where he will have to be seen without aircover.
5. ALTERNATE OPERATIONS: John has a huge perimeter to defend, and I would wager that with 8 divisions so close to Home, those troops are all going to be pulled in as quick as possible. All his attention should be focused there. Is there any way to get a lodgement going where there is a cluster of bases, so you can advance under LBA? Like, the Marshalls, Solomons, Gilberts?