It's a little too far for air strikes on Pearl directly, or for me to bomb him from Pearl.
Especially after suffering two major defeats in surface battles, I'm reluctant to allow myself to get provoked into another. Doing nothing is definitely on the table. For now, the KB is still at Midway, so nothing is all I can do. If it leaves maybe I'll find a way to hurt him.
Midway is mostly useful as a patrol aircraft base or a sub refueling stop, for both of us. If I find out he's moved a sub tender there, I might be more inclined to hit it somehow, I'd really rather not have his subs have their time-on-station boosted that much. Otherwise, I should just expect that he's going to put his longest-range seaplanes there. Right now that's the Mavis: 25 hexes, would get within 5 hexes--200 miles--of Pearl. I really don't need to send anything on the surface west, so that's not a big deal. But in two months he'll have a small number of Emilies, which can make it all the way to Pearl, and he'll be able to start producing those in mass starting around July 1942. So potentially he can monitor traffic in and out of Pearl, but departures in particular can probably be mitigated by leaving at night.