Some thoughts on fleet building (Allied)
Battleships (70 points)
If you're the Allies, you have one option here. The Iowa. The Iowa has the best main guns and armor of any Allied battleship. Also the most hull points. In general, American ships have slightly better anti-air defense than their Japanese counterparts. That's certainly the case here, with the Iowa having better antiaircraft fire than the Yamato. Also the Iowa is the only ship in the game with extended range 5. When undamaged, its main guns have a range of 5. After taking damage, its maximum range is reduced to 3.
Battleships (50 - 55 points)
Some good options for the Allies here, most of which are American. There are also some non-American options, such as the French battleship Richelieu or the British battleship Rodney. Battleships at this price point will generally have extended range 4. When undamaged, they have a range of 4. On taking damage, their max range is reduced to 3. In general, battleships at this price point are like slightly weaker versions of battleships at 70 points. 5 hull points instead of 6, for example. A little less armor, making it a bit easier for opposing units to land a hit. A bit weaker main guns, making it a little less likely to land a hit of your own.
Battleships (40 - 45 points)
Also good options for the Allies here. A number of which are British. In many cases the British battleship will have something wrong with it. Slow 1 or 2, which can reduce your movement speed for a turn depending on die roll. Fatal flaw, making the ship potentially easier to destroy. Stuff like that. But these are still powerful ships, and at a lower price point than above.
Battleships (below 40 points)
As the price of a battleship continues to decline, it becomes in some ways less like a battleship and more like a strong cruiser. More vulnerable to damage. Less able to use its main guns to inflict hits on heavily armored opponents. But ships at this price point still have their uses. They're good at attacking weaker ships. Also, any surface ship can take an objective, or deny an objective to an opponent. There's always the chance of getting lucky, and using your main guns to inflict damage on even a heavily armored enemy. That chance increases as you reduce the range.
Cruisers
It's probably not a great idea to use cruisers as your counter to enemy battleships. But you can still use them to attack other enemy ships, such as cruisers, destroyers, and carriers.
Destroyers
These are useful against subs. Also they can have torpedoes. Torpedoes ignore armor, which means they can inflict damage upon even the most heavily armored of battleships.
Aircraft Carriers
If I'm building an aircraft carrier, the three things I most want to know are: how much does the carrier cost? How many planes does it hold? What bonuses does it provide to planes? Most Allied aircraft carriers are American, and American carriers trend toward providing bonuses to dive bombers rather than torpedo bombers.
Aircraft
For aircraft I'm assuming a cutoff date of 1942 or earlier. Four different categories of aircraft from which to choose: fighters, dive bombers, torpedo bombers, and patrol bombers. Of those, patrol bombers are strictly land-based, whereas the other three types can be based on carriers or on the land. You're going to want some fighters. These will help fight off enemy air attacks, while occasionally killing enemy aircraft outright. As for dive bombers vs. torpedo bombers: you have good options for both, but you might be better off emphasizing dive bombers. Especially with bonuses from carriers, American dive bombers have the ability to inflict damage even upon the mighty Yamato. That said, torpedo bombers can play a good role as well. The U.S. and Britain have some good options for patrol bombers. Often, the patrol bombers available to you will be inexpensive, capable of packing a good punch, but also vulnerable to being aborted or destroyed.
Subs
Your options here are decent and reasonably priced.