The 1580s: Exploration
Unfortunately, I lost the picture but in the late 1570s, we received an event briefly bringing an explorer to Finland, and the customary three warships along with him. Embarking from Smaland, our oceanic navy of six warships and one transport left the galleys behind and proceeded with a small army across the Atlantic to stake our claim in the West.
Discovering a small period on the shore, we established a trading post, then a colony in the province of Capinascau. It does not have a port (fortunately UoK still gives us mil. access), and is good for very little beyond a possible strategic location to stash troops for future colonial wars. Even so, we'd need far more growth there, for it to support a respectable army through the harsh winters. A center of trade soon appeared there, but is quite small.
Further exploration revealed some available and potentially valuable land for colonization in the cotton provinces far to the south. However, due to the current royal policy which argues that land south of the 50th parallel would be too difficult to administer, nothing was established there.
In 1580, we did receive some encouragement to alter that policy though.
I'm doubtful whether we need to pursue this, but I did gain military access with the relatively friendly nearby country of Jolof, just in case we do decide to take advantage of this core. Our house rules on colonization suggests to leave it alone, but it's not that remote compared to, say, Bouvet Island.
Anyway, here is the status of Finland in 1584. Our explorer has died, and our navy is back home. Rebels have taken over Livland a couple of times, but the bastards always come to take it back. Tver has been pretty quiet lately, and as our badboy was pretty high due to the wars and the Czar of Russia event, I didn't focus on reclaiming it.
Here is the colonial map. The green is ours, with the exceptions of Manicougan, Stadacone, Micmac, Acadie, Nova Scotia, Isle Royale, Gander, Delaware, Roanoake, Santee, Carolina, that province on Greenland (Vestbygden?) and the Terra Incognita.
Capinascau is a level 3 colony, but still pretty expensive to build.
Here's a map of that core that we now have in Africa. The dark blue provinces to the northwest are Jolof.
Religious map: only two Muslim provinces now. Kazan can be released if we can convert it, but it is expensive and not one of our cultures. Our new monarch is as capable as our last for conversions though.
Also note that Tver succeeded with their conversion of Vorones. Livland is fortunately still Orthodox too.
Army: 70-80,000 of 140-150 maximum
Navy: 10 warships, 29 galleys, 1 transport
LT: 17. 18, despite the new CRT is expensive and maybe Ahead of time so I've been investing Naval and Infra lately.
Overall, though, we should be in decent shape if we go to war, but we still have to watch the Badboy. Its still up at 11 of 43(?)
Allies and vassals: Tver, Skane, Lithuania, Teutonic Order. The latest is about 17 years old, so not quite ripe for annexation, but close. If they refuse and break, then we could always go to war with them and see if we can try again to win Lithuania her namesake province. Don't know what you want to do if we do annex them. Maybe we could edit the save and give those lands to Lithuania, if we don't want too many provinces inland from the Baltic?
Inflation is the one bit of bad news I have. I had to mint a little bit early on, and I think there was a corruption event too, so we're up to 4.1%
Save is in my post from last night, Krk, if you haven't seen it.
Hmm... possible goals could be to build our colony into a city so it can hold a small army through the winter. Convert some more provinces. Regain Livland. Maybe annex T.O, sometime around 1597...
I suggest doing like PrawnStar said - annex both TO and Lithuania, and release Lithuania again. Only problem is that they will be Catholic like Brian mentioned. 
