So far as I can tell a G2 sea lion is only possible with the following set up.
Only if, the german Ukraine fighter survives a strafe, or if Russia forgoes Ukraine in favor of an all in W. Russia stack. Russia does not land fighters in Archangel.
G1 purchase 3 transports, 1 carrier and 2 inf
Attack both sz 11, and sz 10 with the Atlantic subs. The US transports don’t need to be killed, but the British transport and both destroyers must be sunk!
Battleship to sz 14, take Gibraltar with 1 inf and make sure the African tank is range to be transported the following round. I prefer to use the African inf to do this, since all European troops will be needed in Europe.
Sink the battleship in sz 7 with subs and air.
High risk option, use the bomber to sink the destroyer in sz 16. Or don’t, and trust to the battleship’s defenses.
Land all fighters in range of uk.
Position tanks to be in range of sz5 transports.
Russia will go forward, but a German pull back will give you a 2 round set up on UK.
On G2 hit London with everything!
5 inf, 5 arm, 6 fighters, the bomber, +bombardments from the cruiser and battleship
vs
1 aa gun, 8 inf, 1 art, 3 tanks, 2 fighters and 2 bombers (or 1aa gun, 9 inf, 1 art, 1 tank, 3 fighters, and 2 bombers) assuming UK max defense buy.
~67-68% odds to take London with one land unit remaining.
Still ~53% if both bombardments dud out
If the initial attack fails retreat air and prepare to invade again the following round, all in! Use the G2 purchase to support this potential outcome. With air and additional transports. On G3 you will have at least 6 inf, 6 armor (potentially more depending on purchase), and whatever air remains/or was just bought vs whatever survives/sent to the UK.
This is the only Sea Lion I have seen work, it is a long shot on a long shot set up, but it does have the effect of focusing UK attention completely on London at the expense of India. Likewise the Americans and then Russians are forced to react to the potential invasion of England, which gives Japan a free hand. Germany can pull back for 2 rounds, leaving inf to block in key territories, while the build in support of the UK invasion, after which point the Russians will be on their doorstep.
If the invasion succeeds, you have essentially won the game. If it fails, you can still fight a full defensive war against the Russians while using your Atlantic fleet to keep the Allies off Europe, and hope for Japan to swing things.
Not sure if I would get behind the Seal Lion on the 1942.2 board as a regular strategy, but if you do go for it, the above seems to be the set up which offers the best chance of success. There are also certain advantages to having the overall naval superiority go to Axis leading into the 3rd round.