Legolas - I think I would migrate South for Italy, perhaps even losing some territory to reduce BB if absolutely necessary (though I would hate having to do so). This will leave you exposed between France (if it has formed correctly) and Austria, which is a very dangerous position, but you need the wealth and manpower. It might be worth considering a longer alliance with either France or Austria in that case, and play them against each other while you pick up some select territory. (This might require you to stay Catholic rather than convert to Protestantism).
Of course, if France hasn't formed correctly, you might be better off migrating westwards. If you can force them into Swiss-cheese mapmode (wellknown from the so-called generous offers of land for peace in Palestine), you can likely gain some provinces from defection at no BB cost during the French religious wars.
Do you have a timetable for your conquests, or are you just messing around, happily annexing right and left?
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When do you plan to begin the BB wars, and how strong do you want to be at that time? Will you kick them off with a diplo-annexation, turbo-annexation, or ordinary war? When do you expect to finish off Europe? Are you taking out the Aztecs and Incas early, or late? Do you always know which religion to dump in case of severe problems? Planning a WC is hard work, but strangely satisfying.
G'kar, Carolus Rex, et al - It will be at least two or three days before the next installment. I'm busy at work at work developing a small platform game most of May (the client has a hard deadline. I hate those
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), and the Righteous BastAARds are long overdue an installment. (Norgesvenn is getting sarcastic
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)