Midway did offer one or two minor advnatages to the Japanese, but the real draw was that it was hoped the USN would come out and fight for it. The Japanese were hoping for total annhilation of the pacific fleet, not just its carriers
Yeah, Midway was merely bait for that "decisive battle" the Japanese were looking for. It's clear the way the fleet was deployed that this was to be the case, the Yamato, Nagato and Mutsu, the 3 most capable IJN battleships at that time coming up after the landing force, because they were expecting the battle with the US fleet to start after that time. A little to complicated of a plan but the real problem was the code was cracked and the US carriers ambushed the Japanese carrier strike force.
But thinking about it, the only way the IJN might have had success in the Pacific war IMO would have been to have such a decisive engagement, and to win it in a decisive fashion.
And I'm not talking about merely the carrier vs. carrier part, but a decisive engagement with opposing surface fleets. I think the US at the Battle of Midway, were it to be a surface fleet actions would have had 4-5 older battleships available, the newer 4 BB's of the North Carolina and South Dakota classes not ready until later in 1942.
Perhaps if the Japanese would have been able to force a surface engagement per their plans (this would require their code not being broken), I'd think they would have been able to do very well, particularily with the 3 Heavier Battleships present at this engagement. The Japanese torps would have fared a lot better than the US ones as well.