Since the German economy was basically operating at capacity and staggering from near-crisis to near-crisis to bare survival through the whole of the Nazi era(cf. Tooze), there's very little you can do to improve matters by simply producing more things than OTL.
So, you can apportion them differently. Which runs into a major problem. In fact, more than one.
Moving resources navy-wards can cause two independent problems.
1) If you reduce the Army or the land-centric Air Force, you can end up losing the battle of France. (Actually, even if you increase them you might lose that battle, because it was so incredibly lucky OTL.)
2) If you increase the Navy, then you alarm Britain earlier. Quite frankly, Germany absolutely can not win a naval race with Britain. It's a matter of superior designers, superior workers, superior materials access and a huge starting lead.
So, you can move resources around inside the Navy. Let's assume, for the sake of argument, that Goring suffers some kind of epiphany and allows for naval air power without throwing a hissy fit.
Let's also assume that the German navy can produce world-class torpedo bombers, they can build as many as the USN has at this point, and the Royal Navy somehow doesn't take notice.
Great. Except that the RN literally invented carrier aviation, and they certainly aren't going to let a Luftwaffe carrier arm go unanswered. So you have a force of a few hundred land-based torpedo bombers with, frankly, uninspiring performance (think Douglas TBD Devastator would be comparable), with perhaps two carriers at most to use them from on top of that. And, because the resources came from the navy, either the Kriegsmarine has no surface capital ships or it has no escorts or it has basically no submarines.
The RN can wipe the floor with the carriers. Carrier aviation doesn't become decisive outside port strike until at least 1941.
The land based torpedo bombers are a threat, but not a decisive one. They're meat on the table unless they operate within escort fighter range - which means Bf109 range, basically. Ultimately, they can apply additional attrition to the Royal Navy until they're expended, which will happen in proportion to the intensity of their use.