I think one of the biggest mistakes you can make with ANZAC is to take all of the Dutch East Indies. Keep in mind you only have 1 minor complex, which means anything over 26 IPC is going to end up in unused IPC (more than likely) until you can purchase a second complex for Queensland.
Meanwhile, India has a major complex and that would require a minimum of 30 IPC a round to use to maximal capacity.
As for which route is “better” it depends on what you are doing!
If you are smashing Japan’s navy first, then you’ll want destroyers for picket ships and a few transports to grab islands like Pauline, Formosa, Okinawa, Marshalls and Marianas (I like America to have Iwo Jima since it is easy for them to grab, and can hit virtually anything you need if you have a navy base on it.)
If you are going after Italy, maybe you want a naval base in W. Australia so you can shuttle troops up to India faster? Dunno, never used Australia in this manner before.