I played a few turns and liked the scenario, definitely full of action; I think it could work as an SG.
I think I read the monarchy cash rush in pedia>govtments>monarchy. Not being able to rush units kind of hurts with all the corruption, whether it be cash (preferable) or whip. What else is there to use cash for besides science? The people are war weary as hell, so lux slider has minimal effect, and no upgrades are really needed until techs come in.
Rushing units I think would add quite a bit to the strategy. I kind of feel like oh well, might as well just sit in cities and bombard on the Dutch front. I also wanted to rush a boat in the Americas, but it looks like Ill have to send some of the main fleet there if I want to retrieve any treasure. I just like to have options, and the corrupt cities wont be able to build much of anything during the entire game. Its a good scenario however

. I was referring to despotism in the normal Civ context.