No, not really. It's more for the time before you go to war with the Allies.
I see a potential route of grabbing Holland and Indonesia early and then attacking the Soviets while trying to remain in peace with the Allies.
But all in all i think the MEFO route is stronger.
Also puppeting Indonesia will probably make you a target of Japan which isn't too optimal either as you shouldn't be able to compete with the IJN.