1 event per province seems extreme. Also a seperate admin country seems like a bad idea. The approach i tend to favour is that all countries would be liberated as one complete country. Whoever controls the capital gets the entire country as a puppet. Germany would be an exception as it is designed to be seperated into FRG with Bonn near Cologne as its capital and with the stalinistic DDR with Berlin as its capital.
This would reduce the amount of events to 12 per country if SOV, USA, ENG and FRA are to be considered as masters and for returning the provinces. That is still a lot of events, but it should work well enough.
I have a working prototype.
What i did not calculate in is that Italy may switch sides and snatch a part of Austria. Also soviet union keeping the territory of the Netherlands and France was not intended. But at least the later two can easily be fixed.