Recluse is right, its a difficult thing to make happen!
I don't know how thoroughly you've tested the CAP action, but in all my tests, it doesn't seem to work as we might think. Set up, fly a test and check the PlayBack ... its disconcerting!
The AI go into the elongated orbit for the CAP as they should, splitting into two groups in opposing orbits. However, at the 'break orbit' Flag (or the time limit), they don't break orbit.
In my tests, 4 F-14s split into the double-orbit patrol, but upon the Flag being triggered, only one F-14 broke off and headed back to the carrier. The others ramained in orbit.
The "Time" condition produced the same results. I haven't/can't test the "Ammo Depleted" condition ... I don't know how to know when they've depleted their ammo?
In answer to your main question; I use "Fighter Sweep" (with VERY short range) for all stand-by air support, not "Orbit"(they break for anything!) or "CAP". ...waypoint paths are a pain, but it works.
Has anyone found/tested different results or found other solutions?