I understand that WW2 strike package sizes were functions of aircraft power, carrier speed and deck length; was Shinano too slow to be able to spot and launch a strike package bigger than those 40-some planes, rendering the rest of her air wing essentially spare aircraft?
Well, she wasn't as fast as ships like the Shokakus, but at 27 knots she wasn't SLOW either- certainly she'd have operated just fine at the 24-knot standard operation speed most Japanese task forces operated at, and wouldn't have slowed down other ships too much.
It literally was that she would only carry 40-50 planes of her own, and wouldn't launch strikes of her own as a result. When planes returned from strikes launched from other carriers (Taiho, Shokaku, etc.), the idea was that some of them would land on Shinano instead of on their original ship, and get turned around there for another sortie- and in doing so, the original ship (let's say Taiho) only has to work on getting 45 planes of a 60-plane strike reloaded- and thus the next strike is ready to launch that much sooner. While it wasn't listed as a plan, it's likely that if one of the friendly carriers was wounded, Shinano (and her heavily armored flight deck) would take on as much of the stricken ships' air group as possible, mitigating the loss. (Note that Enterprise and Hornet took on much of Yorktown's returning strike packages at Midway after that ship was wounded, though part of their ability to do so was that there was space due to the losses to the air groups of all three ships)
Was this a good idea, as opposed to just giving Shinano a large air group of her own and using her as a large but conventional-styled aircraft carrier? I don't believe so. Would it have worked? Hard to say- the only other carrier to see service with a similar plan were a couple of British ships (Pegasus and the old Argus), neither of which ended up in a carrier duel to prove/disprove the idea. Either way, by the time Shinano was ready most of the ships she would have operated with were gone, and there weren't enough planes or fuel to allow her to really do anything if she'd needed to anyway. The Unryu-class were being completed, but few planes were available, the Shokakus and Taiho were gone... really it was an idea that two years earlier might have had SOME merit, but made her a dinosaur by the time she weighed anchor for the first (and last) time.