I think aerial raids based out of NW Australia would have a hard time disrupting resource extraction or shipment from NEI. 500-lb bombs dropped four per plane isn't going to get 'er done, I don't think -- if they might reach the refineries/ports at all.
I think they would, again based on the havoc wrought by Japanese bombers against ports and all kinds of infrastructure and industrial targets in Burma, China, Malaya and Indonesia (Dutch East Indies). And in Darwin. All of which was done by comparatively light bombers probably carrying 1,000 or less bomb loads. Bombers with max 2,000 lb bomb loads anyway in most cases. This would include Ki-21, G3M, G4M etc.
Similar carnage was wrought in the Middle East with also very lightly armed Maryland, (early) Boston, and Baltimore bombers, all of which had light ~ 2,000 lb bomb loads as well. And by fighter-bombers which carried between 500 or even 250 lb loads for longer strikes, to as much as 1,500 lb for very short range strikes. later in the war 2,000 lbs.
Later, when heavy bombers capable of carrying heavy loads did arrive, they did more damage against certain types of targets, but even the light bombers were causing significant problems well before that.
Flying a raid from Broome against the base where the Zeroes attacked from in March 1942, I believe Wellingtons could carry more than 2,000 lbs. That distance is less than 600 miles, a Wellington Mk 1 is supposed to be capable of 2,500 miles, and we know that they flew raids from England to Berlin, about ~700 miles each way, with I think close to their full bomb load of 4,500 lbs. I admit I'm no expert on the Wellington so maybe someone else knows how heavy a load they brought to Berlin.
My assessment of the Colonial commercial infrastructure in the Pacific is that it was pretty fragile, prone to damage and difficult to repair and maintain, just like much of the commercial infrastructure in North Africa and the Middle East. They had all the problems the Australians had in getting materiel to Darwin, and considerably more in many cases. Especially if the coasts are being haunted by British submarines and nocturnal Wellingtons carrying torpedoes. Maybe Beaufighters and Beauforts during the day too.
It's worth pointing out that I am very much an advocate of, and believer in accuracy over bomb load when it comes to air strikes. Wellingtons seemed to be able to hit their (tactical and operational) targets, even at night, and I'm not sure how they did it, but the damage they caused was telling. In the Pacific Theater, the 5th Air Force under Gen Kenney emphasized very high accuracy over bomb load, with mast-head height and skip-bombing attacks, (including at night by PBYs) low level strafing, and the use of parafrag (very small parachute delayed) bombs. All of this turned out to be very effective as we know.
Wellingtons in the Pacific should also be able to replicate the success of their real life counterparts in the MTO by carrying torpedoes and sinking Axis shipping with them, which would make the coasts of Java and Timor quite dangerous for Japanese shipping I think, once they got into their groove. They could also routinely drop mines into the ports, harbors, and shipping lanes.