Bleh, that revolt in Babylon sucks, bad luck =/
Quite a few missed hammers and beakers for us.
So strategy now:

Yes, a bit disappointing.
set the invasion fleet for Incan lands
How many Paratroopers shall we send? We currently have 11. We could put together a force of six, two Galleons full?
max research our way to steel?
wipe out last babylonian city as soon as peace treaty expires
Agree, shouldn't be a problem.
Build enough forges to enable Ironworks
We currently have Forges in:
Athens, Sparta, Corinth, Thebes, Argos, Mycenae, Ephesus, Babylon and Akkad, with one due in Piraeus next turn. That requirement is met.
Build more troopers for Portugese conquest
How soon should we be ready to start this? Thankfully, enough Forges are completed so we can focus on Paratrooper production. How large a force do we need before starting the war?
Build three more settlers to finish settling our east coast
Cities to be founded include: by the Rice, on the peninsula, one between the Iron and Wine on the forest tile (shall we cut that forest?) and where is the third, by the Pigs? Joao has a Settler on the Hill near the Clams which may preclude us from founding further south?
We need to keep an eye on Capac and his teching of Education, heading for Liberalism.
Capac also has Divine Right. He has built several more cities, so we could take his three main cities, and perhaps Cori, and then Vassalize him for techs?
After Delphi completes its Paratrooper, perhaps we should dedicate it to Chariots for MP's? Piraeus could also do this.
We can reposition Airships down to Ephesus (4) and the Airship in Vladivostok can go to Babylon to keep an eye on Hammi's last city.