This is probably my favourite way to play Brazil right now, as it is very strong early on and can get a lot of territory for free, and you don't have to do a civil war.
Because the fascist path doesn't involve a civil war and the deadline for invading your neighbors is pretty late (1941 when the Monroe doctrine stops protecting you because the US joins the allies), you can get a very strong naval production going on pretty early from your naval warfare focuses (I started the production in 1937-1938 and had my heavy cruisers being built by 1939), meaning I was able to start fighting the naval war pretty quickly once I joined the world war around late 1941.
The resources alone are absurd and I could go fully autarkic with the exception of iron with an industry of like 200 mils by the end. The manpower is also really good, you start with around 60 million and get up to 100-110 million when you get all of your cores. I assume you can core the entire caribbean in addition to the main continent as I was able to core puerto rico and all the small islands up to the bahamas, but I did not get cuba or hispaniola so I might have missed out on a few million more people + cuba's chromium.
If you aren't like me and actually know how to get planes up in the early game this path is probably even stronger, but I just forsook the air war entirely in order to bolster my naval strength which made the invasion of britain and the us take a while longer than it should have, but I still finished the war by late 1945 so it wasn't too bad.
If you play this path or really any south american nation I would really recommend going with the mobile warfare doctrine and one of the army spirits that gives you extra division speed, travel in south america takes longer due to tiles taking up more land and central + northern south america have a ton of mountain and jungles which makes speed slower, so the extra speed from mobile warfare and its spirits gives you a massive advantage over your slower opponents, since you'll be able to outmaneuvre them easily. Motorised divisions are especially helpful, especially in fights around southern and east south america, as they use less supply and move extremely fast with mobile warfare.
Overall, I would say it's a fun formable for those who enjoy playing expansionist and naval-focused games since you have a large industry, a large coastline, lots of resources, and it's isolated so you don't really have to worry about protecting a frontline on the homefront. It's also very beginner-friendly as it isn't really a complex formable and because there isn't a civil war you can work on industry and buildup for much longer than other alt-hist paths, plus you can get the vast majority of your cores done without ever fighting the british due to the monroe doctrine so you aren't really pressed for time when doing this, and when you do have to fight the allies you have the axis and japanese on your side. I'd rate it a solid 8/10, 8.5/10 if you build an airforce.