When Bismarck and Prince Eugene sailed into the North Sea I would have sent G3M and G4M torpedo bombers to attack Hood and Prince of Wales, not Zeros.
Torpedo armed G3M and G4M bombers could have attacked any heavy units coming in or leaving Scapa Flow from the east as soon as they left the short range protection of Hurricanes and Spitfires. U boat sightings of any heavy units outside the RAF fighter umbrella would produce an immediate long range torpedo strike from western Norway.
The entire North Sea would be within range of drop tank carrying Zeros based in Norway, Denmark and The Netherlands. A G4M with German radar escorted by Zeros would be a serious threat to any RAF patrol bomber in the North Atlantic.
Get on Google Earth and look how far a Zero could fly with a drop tank. They flew 500 miles one way when attacking Australia. If all they were doing were fighter sweeps out over the Atlantic and the North Sea looking for patrol bombers it is amazing how much territory they could cover. Flying out of Brest, they could fly to the North shore of Northern Ireland and return (not that they would, just pointing out the distance)
For that plan to work, we only have the RAF to cease to exist, and North Atlantic to be moved 2000 miles east.