Would the Japanese Indian Ocean raid still happen?

Would the Japanese Indian Ocean raid still take place against this stronger Eastern Fleet?

No; the historical raiding force would be outmatched, so Japan would have to change its sequence and risk the Allied fleets joining together.

The historical Japanese Indian Ocean raid assumed a much weaker Eastern Fleet. Sending that raiding force against four British carriers and five fast capital ships would invite its destruction. Japan would instead have to defeat one Allied fleet before moving on the other, and that delay gives British and American carriers time to combine. The raid therefore disappears as a separate operation because the strategic problem that produced it has changed.