Thanks to all those who replied. All the replies (on forum and via private messages) basically say "don't even think of an overland invasion".
Why is it then that I'm still more inclined to Kokoda trail solution??

OK, I am old TOAW "landser", with Zhukov/Guderian/Rommel/Monty mentality, still not so comfortable in this sea business, but anyway...
How do you guys conquer Wau, then (small inland base on NG)? Sea invasion here is out of question. I have had good succes against AI, sending a single SNLF infantry unit from Lae to march to Wau, putting all the Rabaul bombers to ground attack missions (target: Wau) for 4-6 days (they do get fatigued pretty quick, so I occasionally rest them) and attacking with said SNLF unit (Maizuru SNLF?) after that.
Maizuru SNLF and Wau defenders start with nearly same strength, but few days of bombardment wear defenders down to a point when SNLF guys overwhelm them...
That led me to think that maybe few regiments, of course with HQ support, AA units, etc. marching over Kokoda trail would be fine solution for PM, much less riskier than sending several Marus into allied controled beaches/sea/air/subs. Of course, prerequisites for such operation would include building up Buna (or Dobadura) base, providing the ground units with CAP umbrella while they march (from Lae, Buna, or even CVs), bombing the PM base etc.
One positive side effect may be that allied medium bombers (their perhaps most formidable asset) are occupied with attacking the infantry (and you wear them down with strong AA and CAP protection) and your bases and naval units are left alone.
As I said - seaborne invasions are always dicey (sub or two may ruin your day), while foot slogging is relatively sure thing
This is of course completely hypothetical, I never tried it...
BTW, in my game, in the last turn there was a sudden CV TFs duel, and both US CVs are sleeping with fishes, so I feel I may discuss my options more openly now
Oleg