There was just a show on the History Channel about this, called Alamo in the Pacific.
Not all those ships (per Kimmel's) plan, were headed towards Wake. Half that force, including the Lexington were headed straight South of wake in the Marshall's/Gilbert's as a feint to draw off the main Japanese force and allow Saratoga to deliver her planes and land 500 (or so) Marines w/ammunition.
I don't believe it would have changed the outcome, but it may have lengthen it quite a bit. It most probably would have resulted in another atrocity of killing prisoners....again.
Pye was a twerp, and kicked upstairs in desperation per the "Peter" principle, (ye shall rise one rating above your level of incompetence). He had California sunk from under him at Pearl.
I don't believe the force was large enough to stop the onslaught (per round two). The Japanese were resolute about not failing again.
If.....they were there (and ready....all of the ships) for the first attacks....the first Japanese force would have been decimated because of their over confidence. The way their first attack actually was, only worse. Perhaps few if any survivors.
An after the fact/to late to beat the second (even bigger wave) reinforcement would have just ended in equal attrition. America could not afford this, at that time, with many more battles just on the horizon to stop further expansion towards Australia.
No Coral Sea/Doolittle/Santa Cruise.
A much longer haul to final victory, with many more islands to take, and even fewer secure supply bases to start submarine/amphibious/naval operations from.
A Damn Dirty Shame they had to be abandoned, but just another in a long list, for all sides.
Even a scared "Turkey" makes the right decision sometimes.
Halsey replaced Pye almost immediately. So something good did come of it.
It culled a loser.

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Morbius, Morbius! Something is approaching from the Southwest. It is now quite close.