I think what the OP is suggesting is that with a less EMOTIONAL (for want of a better word) commitment to the war against Japan their strategy of setting up a defensive perimeter and holding it until the Allies got tired of the conflict may have worked. For those who scream ASB think about Korea(A mere 4 years after 1945) and later Vietnam. If they would have read and UNDERSTOOD the principles of Art of War ....It is still a long shot but they COULD have achieved their goals. IF war was determined ONLY by economics (and yes they are important) then Prussia would not have rose to dominate Central Europe, the USA wouldn't have won its own revolution (yes even with French help), and Finland wouldn't have been able to fight the USSR to a standstill 18 months previous. The point I think he is trying to make is CONTEXT matters in a calculation of military potential and being far less committed to war against Japan reduces that potential for the USA..Personally I don't think its enough(my great uncle was a marine in the Pacific and my grandfather a soldier in Normandy--second wave Thank God. But would a USA have decided a "Kissinger Peace" ala Vietnam was preferable to a long two front war? I think its in the realm of possibility without ASB.
Thank you. That's it in a nutshell about the key, the emotional impact. The Americans were going to give independence to the Philippines anyway in 1944. How important would P.I. and a few little islands in the Western Pacific be? Germany was always considered the bigger threat and with U-boats sinking scores of ships right off the Atlantic seaboard just maybe FDR would cut his losses in the Pacific. For the time being.
In my OP I mentioned the British also agreeing to a peace deal with Japan. Considering that they have lost Burma, Brunei and Malaya including Singapore that may be pretty unlikely almost ASB. Their commitment to regaining those colonies would be high.
Now contrast the British loss of their colonies to what the U.S. has lost. A country they were going to relinquish anyway. This is part of the reason why a negotiated peace deal with Japan would be within the realm of possibility.
And yes, the Japanese would need to do a few things differently.