Could proximity fuzes save Force Z?

Would proximity fuzes have given Force Z enough antiaircraft power to fight off the Japanese bombers?

Possibly; the small, fuel-limited torpedo force left enough margin for a modest increase in losses and disruption to matter.

The answer considers the historical attack close enough that proximity fuzes could change the outcome. Only a limited number of torpedo bombers reached Force Z, and their long flight left little fuel for repeated approaches. More effective bursts need not destroy the whole formation to matter. A few additional losses or disrupted attack runs could reduce the number of coordinated torpedo drops below the level needed to sink both capital ships.