I’ve never done it myself, but my impression is that the game is severely imbalanced in favor of Japan, so start with a 30-50 IPC bid for the Allies, and revise from there.
Broken link on avalon hills website
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I tried to enter the FAQ on AHs website. But it seems to be broken
https://avalonhill.wizards.com/avalon-hill-axis-allies-pacific-1940-info#submenu-page -
@SGT-Pitbull Not the only link that is irritating there, unfortunately.
The FAQ document is here: http://media.wizards.com/2015/downloads/ah/AA_Pacific_1940_2nd_Edition_FAQ.pdf