I've posted elsewhere, but here's a brief synopsis. The Allies start on CV's, with Hellcat's, F4U's, TBM's, and PT's. They will have three or four CVBG's and two SAG (surface action groups, i.e. cruiser fleets). Japan will control all the land bases in the Philippines, and will have one CVBG (with zero's only, to represent the Japanese Northern Decoy Force), and two SAG's (Southern Decoy Force and the Main Attack Force).
The Allies must capture a land base via amphibias assault before they will have any land based aircraft available to them. Once they have land bases, they will get C-47's, P-38's and (maybe) P-47's, as well as B-26's. I'm toying with allowing an ANZAC contingent (Spitfires and Mossie as a Beaufort substitute), but probably not. I don't believe Aussie and New Zealand forces were stationed in the Philippines, after all. Besides, the Allies already enjoy a JABO advantage as it is. Available armored vehicle include both LVT variants, the M-8, M-3, and M-16; no Panzers or Oswinds.
Japan will have the Zero, Ki-61's, Ki-67 (or Ju88, if Ki-67 not available yet), C-47 (yes, they did have some), and the N1K2 (at limited fields). Japan will have the M-8, M-3, and M-16 as well. There will be restrictions on what type of aircraft can fly from what type of fields. For example, only fighers and goons may fly from small fields.
Victory conditions will require the Allies to capture all bases on one of the two major islands of the Philippines in order to win. Otherwise it's a Japanese victory. The rules aren't set in stone yet, but you get the idea. If the Japanese are having too much trouble attracting pilots or staving off the Allied hoard, N1K2's may become more available to them.