Tirpitz and Graf Zeppelin head out together escorted by Hipper. The British have King George V, PoW, Repulse and Renown. They also have several carriers.
Would the British be able to cope? Would Fairey Fulmars outfight Bf109Ts? Would cruisers be able to shadow without being attacked by dive bombers? Would scout planes be able to shadow without immediately being shot down by fighters? How would the British even maintain contact if they couldn't adequately?
An interesting question, I think that the RN would also have at least a couple of cruisers and several destroyer escorts in addition to the battleships and carriers, therefore I would say that the German fleet would be outgunned both in firepower and aircraft and would be wiped out.
However, add the twins and another cruiser, Prince Eugen? and you have a very interesting situation, perhaps we should add another British battleship like Duke of York or Anson as all the other RN battleships would be far too slow to keep up in what would probably be a fairly high speed fleet engagement.
So you have on the German side
Tirpitz, Graf Zeppelin, Scharnhorst, Gniesnau, Hipper, Prince Eugen and maybe some destroyer escorts and the RN has,
KGv, Pow, DoY, Repulse, Renown, two carriers, two 8" cruisers and some escort destroyers, it should be some battle!
I would expect two of the battleships to deal with Tirpitz, while the other one and the two battlecruisers to deal with the twins, while the cruisers and destroyers had their own mix.
What do you experts think?