I like that scenario and try to set myself up for just that, perhaps a round of delay. But after being able to sit in Caucus for awhile I found it a task to keep Caucus reinforced enough to stave off a combined attack from the allies. Rushing tanks in helped but I often become a bit tank heavy. I suspect it was because I was moving my navy against Australia and Africa too quickly as Japan.
Early co-ordination with Japan is key, wait too long and British tanks/airpower can pin the combined axis force in as the Jap air-force is a sitting duck without the Germans.
I also agree many axis players fail to realize the flexibility of having the Japanese airforce fly in for around of defense and to fly in reinforcements in the case of a combined Brit/US attack against the Germans. Being able to factor in 4+ Jap fighters to one of several German defensive points against a 1-2 Brit/US attack really lets Germany lean forward.