After having perused all of the threads I could find in this great forum and gone through many more air execution phases than I care to think about (as an aside, the UI needs a bit of work in my opinion. For one thing, it would be nice if you could assign a new mission target without the map resetting to the center of the Luftflotte that you select but, on the upside, I'm now ever more familiar with Eastern European geography than I already am), I think I've come up with a result I can live with.
139 Axis losses to 2,609 Soviet ones on turn 1. I particularly like the 1,900 Soviet Fighter/Fighter-Bomber losses, since I don't really care if they have bombers left to GS me with as long as I have plenty of Fighters to intercept them with. It's only going to increase the bloodbath.
How?
Took some experimenting and I could have probably gotten better results if I'd tried a few more times, but this is good enough as far as I'm concerned.
Rule 1): What others have said, focus your first wave of attacks (Very High priority) on fighter bases. Second wave (High or lower priority) on everything else.
Rule 2): 2 attacks in wave 1, 1 in wave 2. Not worth it in my opinion to up the op losses by endlessly bombing Soviet bomber bases in wave 2. They'll come to you anyway, and if they don't have fighters to escort them, your Bf's will chew them to pieces. I might adjust it in the future to only make one strike on bases with <100 planes in phase one. I found myself bombing airfields a few times just to watch the rubble bounce, which is a waste of air miles and only serves to increase the time you have to spend repairing the fighter bases after you snatch them.
Rule 3): No recon on turn 1. There's nothing that can stop you on that turn and, at any rate, after enough fresh starts, you'll have memorized where the "problem spots" are anyway. It doesn't add to the game. After turn one, though, recon becomes a factor in a big way.
Any tips?

Final note: I'm going to keep on harping on about this [;)]: Why is EVERY SINGLE ops loss a dead pilot? I don't care overly much about an air frame loss, but losing an experienced pilot every single time a landing gear fails to deploy seems a bit much.