France really doesn't have the factories to build air, IMO.
I usually use 20W (9 Inf/1 AT/1 AA line battalions + support art, aa, motorized recon, and engineering) infantry to hold the line, and then 20W tanks to do the heavy lifting in Italy. I also convert all the starting Cav divisions to motorized and use an identical template to the leg infantry for the motorized divisions, you should have 13-14 or so motorized. You end up not spending too much xp on division templates this way, as your starting templates are basically this already minus the AA/AT. It worked out fine when I did Revive the National Bloc+Factories/Research slots, but I wasn't able to hold in Netherlands/Belgium going the Popular Front route- I actually lost this game. I did get unlucky on the popular front game that Germany didn't declare war on Belgium until the Netherlands was already dead, which meant holding Belgium was basically impossible. Will have to reload from Danzig and try again. But at least from the first test, national bloc> popular front.
When going National Bloc+Factories I had 10 tank divisions, 13-14 motorized, 96 20W in Europe, 12 20W in N Africa, and the 4 mountaineers in Corsica. About half of the infantry was untrained though, as I couldn't switch to extensive conscription until danzig and I was literally out of manpower for the previous year and just had to deploy them ASAP from the queue to prevent the lowlands from falling.
Also I don't allow myself to attack until Germany attacks the low countries, with the exception of kicking Italy out of North Africa- and only this one because otherwise the Brits do it and somehow get like 300 warscore for doing nothing. This means generally no land taken until November of '39. It also makes going through the Alps a lot trickier, to the point where landing in Sicily is generally much easier (and lets my tanks get to work).