How about a friendship/rivalry mechanic that is actually part of the game.
Also, make plots useful. Murder, fabricate claim, revoke title. Why are these the only plots? Why is murder the only plot I can have on people outside my realm? Why can't I plot to create a faction in a rival realm? Why carry out a claim war with only my forces, when I can use my rivals disloyal vassals against him. Now that there is a favor system, it can add favors to these vassals, which means now they might get more privileges and I get more prestige. Or I could backstab them and risk them rebelling on me.
For a game that is about medieval politics, it lacks a lot of medieval politics.
I proposed a revamp (though quite different from what you suggested) for plots here: https://forum.paradoxplaza.com/forum/index.php?threads/intrigue-enhancement.917865/