You would loose some efficiency though, no? I mean, four carriers can assemble a strike force faster than three. And they also can bring up a bigger fighter screen in the same time.
The biggest issue the Kido Butai had was keeping the A6M's on CAP, the decks were kept clear so when they ran out of 20mm ammunition they could land and immediately rearm, as per shattered sword the pilots didn't seem to have much faith in the 2mg's so having one carrier with a clear deck landing and launching Zero's with the other three carriers having a strike on deck ready to launch sounds like a workable idea.