"Those low-grade conflicts aren't what much of the US military is designed for--a large conflict with another capable military force like China, Russia, etc."

Doubt it. The US has basically close to zero experience in such a conflict. Even the 2nd WW was mainly a Russian-German war in Europe. 9 out of 10 German soldiers fell on the Eastern front and the US had already a much larger population and industry then Germany.

In Addition, the Navy would be not very useful to engage an able opponent: http://www.johntreed.net/sittingducks.html