If I'm understanding this correctly, those that are stationed (in tower so to speak) on a CV and it sinks, they then get moved to the nearest outpost.
I know that the S3 senario is to mimic RL as close as possible. So technically, if a pilot stationed on a CV sinks with it, he should then be finished (short of swimming to the nearest outpost then hitching a land ride to the nearest airfield from there). I think Beaver hit on this.
Those left in the air would then land at the nearest airfield, fuel permitting.
Not enough fuel? Then you ditch and your night is over.
Maybe we should bring the PBY into the game.