PH to Midway is ~1150nm* or 2300nm return. That's a long hop even for the B-24 and they'd be attacking without escort.Without fighters for defense, you're going to see regular -- and perhaps daily -- B-24 raids. And with fighters, you're going to have to keep them flying, and that entails a logistics chain that would have further taxed their merchant fleet. It will be sailing in dangerous waters, too.
All that for an atoll they couldn't even use to hit Pearl with air attack. Midway only makes sense as bait, and that's exactly what Yamamoto planned to use it for.
The USN used Midway as an advanced based for ASW, Recon, LR bombing and submarine resupply/refueling. It wasn't just bait. Simply denying it to the USN makes things a lot more difficult for the USN.
*Google Earth Midway to PH was 1135nm.
EDIT: looking at the SAC data for the B-24, 2300nm was right at the very limit of it's daylight bombing range, even with only a 1000lb bomb load.
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