A Pacific war beginning in 1938

How might Pacific naval warfare have looked if the war began in 1938?

Britain would field a larger pre-war carrier force and Japan would face Allied fleets converging from the South China Sea and the Philippines.

The proposed British carrier force is built around Ark Royal, Courageous, Glorious, and Furious, supported by fast capital ships. In this scenario Japan would face stronger pre-war Malaya and Singapore defences, no easy French Indochina springboard, and pressure from both British-led and American-led forces. The Japanese position would more likely become an attritional struggle against fleets approaching from different directions. The conflict could also delay a European war by absorbing German attention and resources in the anti-Japanese coalition.