Here is how i did it.
I managed to win this scenario last night on the 5th or 6th attempt. (Normal Difficulty - I hate turning difficulty down, I feel like I am cheating

)
For the first few attempts I focused solely on defensive strategies, until I realised this was what I was doing wrong. It doesn't matter how defensive you are... you will eventually be overwhelmed.
So, I changed tactics somewhat. here is how I did it.
Immediately EMPTY your western most base of aircraft...
Send the interceptors to create a wall of CAP on the threat axis east of your north-east base. Be sure to clear them to fire on all targets and extend this wall far enough into the sea to cover your south task force on its approach past the island. (the AI likes to lob some missiles at it if it detects them early)
Send the strike craft east ahead of your southern task force, near the island in the middle)
Send the tankers high, and with radar on, spread out a way behind your CAP zone.
Send the chopper to sonabouy the area in front of your task force. (never yet seen a sub on this mission, but you never know)
IMPORTANT, Manually re-assign the home base for ALL aircraft, to your north east base. you can now safely ignore your western base. You will probably loose the tankers, but the early intel they provide is worth it to help intercept the first waves of missiles and aircraft. And since all your planes are now based at the north east base, they don't have far to go to rearm / refuel
Send all strike craft from north east base, to meet the strike craft on route from west base. your goal here is to create a massed strike force to engage and destroy the first enemy ship that you will shortly discover east of your southern task force.
Around the same time your strike package is assembled, the first enemy waves of bombers with escort will start to appear, be ready to rotate your cap screen back to base, whilst launching replacements from the north east base. You have to keep a CONSTANT screen of defensive interceptors in the air in order to keep the enemy away from your base and task force. Even just forceing them to evade and fall back is good enough.
Once your overwhelming strike package has vaporised the first enemy ships, send them back to rearm.
Now, once again, MASS your strike package just east of the base over the island, and then send it north east to look for the enemy carrier group. If you have a tanker still available, send it over too to help scout for the carrier group. When located, launch all available ordinance (including your task force anti ship weapons tomahawks) at it.
You may have to return and rearm your strike package and do it once more.
The reason this works so well, is because the strike planes carry ammrams, and thus can actually fend of air defences themselves for a while, as well as contributing to the number of missiles available to intercpt bombers / enemy missiles.
Job done.