GeeWally, we did something similiar to that awhile back in a Snap Shot event. It was very successful and fun! The CM's gave us a 100 sq. mile area in which to do the searching since otherwise you might not ever find each other..even then with 100 sq. miles, it was tough spotting the enemy CV's. I cannot remember who won it, but it was alot of fun!
We also had a CV vs CV battle where one side was allowed PT boats and TBM's and the japanese were allowed only Zero's. THAT was a hoot!