I agree w/Young Grasshopper, all the work has been done for you (through the Alpha process) to get this 2nd edition. Once you have played 2nd edition a couple times, you will see how out dated 1st edition OOB is, and probably not go back.
The changes to how an airbase works now is game changing (Alpha+1). Having scrambles reduced to just 3 planes, but allow any coastal air base to scramble to the sea (not only island air bases) completely overhauled the game for the better IMO. Some air bases were removed (Gibraltar, Malta), because it was deemed to powerful and many starting naval units also got moved around to accommodate (well worth the effort).
The overall reduction in Pacific side air power (both Japanese, and Allies) along with somewhat of an increase to European air power also helps to balance out the two sides of the map IMO.
Like YG said, you need to experience this for yourself though, good gaming.