The Coral Sea...
...is most often presented as a strategic victory for the Allies and a tactical victory for the Japanese.
While the Americans certainly suffered for the loss of Lexington, aircraft and--let's be clear--Neosho, I would submit that the Japanese suffered more for the damage to Sho and Zui, and their aircraft at this particular point in the war, thus rendering it a tactical victory for the Allies as well as a strategic victory. That's the Willmott (H.P. Willmott / The Barrier and the Javelin [recently reprinted and also highly recommended]) view of matters although John Lundstrom is not quite so keen on this interpretation.
That being said, the Japanese, having sent CarDiv 5 to the South Pacific, disposed of two American carriers--or so they thought. That would have more than compensated for the damage to Sho and the airgroup losses. If a second string team could manage this kind of performance against the Americans what chance would the Americans have against the varsity squad of Carrier Divisions 1 and 2 off Midway ?
Of course, the local Japanese commander had originally wanted more carrier strength at the Coral Sea while Nimitz had wanted to nail the Kido Butai in the South Pacific with his superior strength, carrier versus carrier. Of course, as we know, the Doolittle Raid scotched that idea by taking away half of nimitz' carrier strength whereupon the Midway Operation conveniently provided a fresh opportunity. That brings up another myth to dispel: namely, that the USN was at a severe disadvantage in strength off Midway. A review of the forces arrayed--at the point of contact--should be enough to dispel that notion, not to mention the fact that the US could just leave Midway to the Japanese if the going got too rough. Lots of interesting angles here.
As for the Buffalo, one might look at how much success the landbased Wildcats 'enjoyed' alongside the Buffalo at Midway. While the Buffalo had a great many problems--as an oversold and underproduced aircraft probably being the greatest--it seems to me that tactics were more at the core of its losses at Midway than anything else. I'd recommend Jim Maas' Squadron Signal book on the Buffalo (yes, the are some good SS publications) and various American Aviation Historical Society articles concerning the Buffalo and Brewster. An interesting story.
Randy Stone