So this POD is that No. 453 Squadron RAAF with its 16 Buffaloes possibly assisted by No. 488 Squadron RNZAF manages to provide a rotating CAP over Force Z as it attempted to retire to Singapore on Dec 10 1941.
The presence of Fighter planes - impacts the ability of the IJN Bombers to successfully attack the Ships (by not having the freedom to maneuver in an uncontested airspace as OTL and through losses incurred) and by early afternoon the fleet has managed to survive the onslaught undamaged or lightly damaged.
So what happens next?
Does the fleet retire out of range of another days attacks?
How does this impact Japanese operations - i.e. do they send their transports back to FIC and send warships south looking for Force Z?
Does POW and Revenge surviving then provide extra back bone to the ABDA forces?
I liked the idea enough to base a timeline around it - admittedly with a variation in the Japanese war plan. I did assume the Royal Navy kept back after this point and acted mostly as a fleet in being in the short term.
The CAP is tough to maintain if the Japanese use Zeros escort the attacks in, so it helps if Force Z manages to time its actions to be further from the Japanese airfields and closer to their own.
The immediate impact is that Japan has to maintain a larger force in the area, this is not necessarily a major problem though for Japan. Japan could take reasonably heavy aircraft losses if the bombers are not properly escorted, and this might degrade Japanese aviation capabilities slightly in the short term.
The Malayan campaign could take much longer though, one of Japan’s advantages was the ability to conduct landings to outflank British positions and that would be too risky if Force Z was in the area.
In my timeline I used the some of the ships that survived the early disasters in later actions, and assumed that British not the Dutch would take the senior command slots, simply because the Royal Navy had the only capital ships. Different leadership might lead to better performance in later surface actions.