I believe best chance for this is if I join someone else's team and work on AI there. Anyone interested? I could probably help with a few other things too if required.
I do think it's very possible to improve the AI by a huge amount by the fixing its worst shortcomings.
For example the AI tends to lose 90% of its soldiers in a war against me due to attrition. Consider that again; 90% is totally HUGE. It means only 10% of AI troops actually inflict combat losses on me. The corresponding attrition/total loss ratio for a human player averages at 30-50% (some of it is unavoidable). If the AI can be improved in this respect, Very Hard will become Very Utterly Insanely Impossible difficulty (for minors), because the AIs damage output on me in battles may rise by a factor 5.
The problem is because the AI is absolutely terrible at taking province supply limits into aspect when sieging (especially with multiple allies). Of course, nothing is as simple as it seems, since the AI is easier to attack if it puts 6k to siege a minimal fort. However, putting 30k in a 5 supply province just makes the human wait until AI army goes down to attrition. AI should station troops in neighbouring friendly provinces instead to be ready to rush to the defence when human attacks.
I also think the economic AI can be improved a bit, very easily, by simply assigning better build priorities for troops/colonies/manufactories etc. AI needs for instance consider how costly a war is, and act thereafter when negotiating peace/deciding whether to continue. (Some humans don't do this rationally admittedly, which leads to some hilarious disasters. :rofl: )
Another thing I would love to work on is the diplomatic model. I'd completely remove influence of -200/200 relation scale on AI decisions (except for things that have direct influence on gameplay such as good relations for diplo-annexation etc.), and replace with true geopolitical diplomacy. France too big? Attack them because they're big, not because they have -200 with you.