The wonkiness is that something like 80% of the AA value being used when you get hit, is based off the ship getting hit itself. The entire rest of the fleet only contributes something like 20%, these ships hardly support each other with AA. Damage dealt to the enemy wings is also influenced to a fairly large degree by how high the AA value on the ship is. both of these factors combine to suggest that you should really be making AA barges to concentrate AA, rather than trying to disperse AA across the fleet. You only need to hit a certain minimum of AA value on the other ships to avoid spiking their weight, and you can generally hit that without much advances in AA tech because of dual purpose guns. And on the barges more AA would technically be better, but it doesn't really help them perform their role in the fleet (magnet enemy planes to themselves) much better.
I took a look through the defines, wiki, and my old notes after I wrote this. That is something I should have done before I posted it to make sure I knew what I was saying instead of just going off memory, but at least I'm coming back.
You would need some combination of either 411.5 AA value on a ship, or 5x that (2057.5) in fleet value to cap out on damage reduction. The highest AA value you could even get on a ship is on a super heavy, with 8 AA modules and a DP secondary, which would be 34.5++120%=75.9, before FCS/corps/etc. Which means we would need 22 such AA barges to hit the cap. Suffice to say, I don't think hitting the cap is going to be a realistic goal. Even if we did, cruiser 3 with 6 AA, DP secondary, and DP main gun gets 56 AA at dramatically less cost, much better fleet AA per IC, but they don't act as well as magnets because they don't have the HP pool and aren't capitals.
Going past the 5 needed to avoid increasing your weight (which can be more or less achieve with your slots dedicated to AA and secondaries) up to as far as 20 AA with 4 of the 1940 modules, doesn't really reduce the damage you suffer from air attack all that much either. At it's most extreme (0 fleet AA), it is something like 8% less damage suffered by the 20 AA, which isn't really all that much and it very quickly drops off to 5% with as little as 55 fleet AA, 4% at 95, 3% at 176, etc.
If any of that is to be believed, naval AA sucks.