If you want to go test it out in the WB go for it. Seems a bit of an undertaking I'm not quite sure how to tackle it. Also, taking a cursory look at the Pacific Islands it seems they are pretty well aligned with the Americas but as you said, that's far less important than being aligned with the Old World.Oh, Leo, that above is exactly what I was going to propose (Thanks TJDowling!!!).
After doing those movements, we'd just need to check/adjust the coastallines for mainland Southeast Asia; for the smaller islands of Oceania, I'm actually not sure what they are supposed to be (other than Easter island and New Caledonia), but I'd just adjust them accordingly (or, just move all of them south like Australia - it's the one place where I think alignment is least important.
Also, re: New Guinea, I'd move it (and subsequently Australia) South even if Indonesia was left unmoved but that's just me. Or enlarge it.