I'm leaning towards the latter since I want to play as Germany in 1880 and if the SOI affects prestige then Germany has very little territory to colonize I imagine. It's not like this wasn't the case in real life.
Also how do you change the kind of power your country is? Like from regional to global?
The idea being that I could take a country like Japan and get the other colonial options.
How do you get all the colonial events anyway?
Is there some kind of updated economy guide because the one on Paradox forums is pretty outdated. There's also Loki's AAR with Sardinia-Piedmont, is there anything else?