I would go after Portugal first. They do have rubber and a few Infantries, but some towns that can be seen, are protected only by Rifles and even Muskets. They are probably too bankrupt to make large scale upgrades?!
To make sure that they don't build new ones, we could send an Inf Army to pillage their rubber. It seems they have only one source near Rio Janeiro. (Unfortunately, CivAssist II is not able to load the save, and I didn't check the entire map manually... Ah, no, there is a second one near Lagos. That can be pillaged on the first turn of war from Egyptian territory.
We need to send 2-3 Infs to New Hovd, to protect our coal, and then we are ready to go.
Atm I would not buy oil from Egypt. We need it only once we can build Tanks, and that's going to take almost 20 turns. The few Destroyers will finish without oil.
Let's buy silks from America, and that's it. We can quickly retake our old furs colony and dyes from Portugal. Three more luxes will get rid of the lux tax we have to pay.
And we can speed up the research some more, if we do something about our unit maintenance (276gpt). Our rail network is done, the few rail lines we need for the advance into Portugal, can be done by the slaves we have, so we could now join most of the native workers to cities. That would free up some 100-120gpt for research. And we need more settlers to fill the Spanish territory and for unit support.
So the first war objectives should be:
- Take New Karakorum (furs)
- Disconnect their two rubber sources
- Take Sagres (dyes)
- If Korea didn't manage to take Alicante, give it a try (oil)
- Take any "soft" targets and let Korea fight the Portuguese Infantries...
BTW: who's up?