I tend to agree with Callbear on this one given what was historically available in the period for both navies and how the operational routines where, the IJN was the more offensive Carrier force compared to a more or less defensive Royal Navy carrier force, where most of the defense was to be done by the ships, not so much the aircraft, given the lack in quality of especially fighter aircraft in mid 1942 in the Royal Navy. Fulmar was too slow to be an effective fighter and the Martlets were too few in numbers as the British airgroups were so much smaller compared to both the IJN and USN at that specific time in history. This lack of aircraft is partly compensated by a much more experienced and effective fighter direction though, but the sheer number of planes was the main problem. (Illustrious class at the time carried an airgroup of around 30 planes in each ship normally, with half of these being fighters and the other half bombers, meaning three CV's would at best have 45 fighters maximum, for both CAP, escort and other jobs, such as recon missions for the Fulmar type regular mission profile. An attackforce of only 45 strike aircraft is the same as a single USN or IJN CV could muster, so this force too was likely heavily outnumbered, even though by some miracle the slower biplanes of the FAA could get through and reach the enemy fleet.
Some credits on AA capability goes to the British in this period of time, as the AA of the Royal Navy ships in the mid of 1942 was well tested already and experienced in how to use it, besides having a more balanced mix of guns than the USN at the time (or IJN as well) Both USN and IJN lacked a medium caliber rapid fire hard hitting weapon, as both the clumsy quad 1.1 inch USN weapon and the slow ROF 25 mm IJN main close range AA weapon were inferior to the British multi-barrel 2pdr power operated mountings on the British naval vessels though this weapon too had some limitations as well, such as a relative short range. The heavy AA was comparable to both USN and IJN as well, but more experienced due to three years of war already.
Conclusion: AA alone will not be enough though meaning the overwhelming numerical superiority of the IJN naval airpower will be decisive most likely.