I played this scenario as Austria, thinking that the power to buy citystates would be of great use in a map packed with so many of them.
Started well, got into a scrap with the Dutch before backing off. Saved up, crushed the Dutch, then spent the next hundred turns buying every city state between France and Poland, as well as most of Italy (including the Vatican).
130 turns in I was 3rd in points, but I realised that I needed to get into the Holy War to push my point total over Genghis and Theodora. Over the next twenty five turns, I sent a massive army of Hussars, Landsknechten, and Cannons over to Anatolia. I took two of her cities, suffering great casualties...
Then Martin Luther showed up. Since I'd already married off my third cousin's daughter to the Duke of Wittenburg, Protestantism was founded in Venice. My first thought was "I should burn Venice". My second thought was "Hey, there's no need for violence. I can probably convert them with my missionaries." Five turns later, my entire empire was Protestant. Since I already owned Germany, I was unable to win VPs by conquering Protestant cities. It was at this point that I decided I needed a break, saved, and quit.
So, the situation as it stands is this: 30 turns left, never won a HRE vote, in 3rd position. about 2250 points to Theodora's 2300 and Genghis' 2450. I might still be able to pull this off, but it's gonna be tough.
Oh well, since I'm Protestant now, at least I can earn some points by conquering France.