well, from beginning of sitting for rich Portugal i saw only two major interests for this country:
1) defend core iberian lands + valuable CoTs
2) try to take as much iberian lands as possible to get more decent manpower
I`m not big liker of such splitted countries (besides built not by me), and further colonization wouldn`t change Portugal interests, just would make it even slightly richer.
So at first i upgraded my four iberian fortresses from 3-3-2-1 to 4-4-4-4, then looked for other key provinces, where fortress upgrade is likely. The rest of first session i listened to spirit of this game and moods of it`s players. Also i embargoed Sweden, who was too active in my CoTs and didn`t seem to be enough powerful to make me pay for this action. Closer to the end i provocated Spanish for some kind of trade war, so Robertus declines TA with me - that increased my income and lowered his one, so Portugal got nice gap in stats
Between sessions i talked with French monarch, the only key for iberian lands for Portugal. Red planned agression against Spain by himself in future anyway (Naples), so we came to deal quite fast (also watching how new spanish monarch gonna support protestants). Then i tryed to contact English and OE monarchs, but Archduke still didn`t autorizate me in ICQ, and i never saw Damocles online
At the beginning of the second session i had some short conversation, after that i wouldn`t expect attack from England or OE. Ducats flows from Portugal to France, but Red always wanted more and more

Then my computer was stalled, so i missed session. When i returned i missed 3000 ducats, land and naval forces were splitted to whole world (thanks AI), so i need much time to bring at least largest of them to europe. At 1662 i told France i`m ready, but asked to wait a year, coz alliance with Spain will expire at august 1663. But Red already mobilized his forces, so the action started.
France lost first 100K for not much gaining, but later Spain could react to only one dimension, while we assault fortresses from 2-3 ones. Portugal couldn`t allow itself field losses, because by building low quantaty of troops my WE would immediatly be increased much. So i started assaulting 1st level fortresses at south, running out from any spanish army around. France got another 2-3K ducats during war and finally kicked spanish army (only 17 land tech, outdated CRT). At South America Portugal made very good success by taking 4 gold provinces and kicked some spanish forces (PJL had low of them). France didn`t attack Mexico like it should, but i guess Red was too busy controlling forces in europe.
England interfered this war quite fast (Archduke to Portugal monarch before :"we are best friends, no ?"

), and was embargoed and their merchants were kicked from Portugal CoTs. So Spain and England income rapidly falled from 300 to 200 ducats. Once i saw that Portugal income (about 450 ducats) was more than both England and Spain ones. I guess England has lack of manpower also, so it shouldn`t allow big land battles. Archduke started with Far East, but i never cared about those areas except CoT - would be too hard to control everything with supply limit 110K. Then it invades north-east of South America by small army, and was kicked soon. So England tryed to upload forces in Tago. At naval battle England won by near same number of warships. Either she had admiral or damn portugal monarch (1-2-2 balls) dramatically lowered morale of portugal fleet, coz my naval tech was higher. So 50K englishmen were landed to Tago, where 15K peaceful portugals were standing. Some cash to mercenaries (i knew i can make war only by mercs) and Portugal forces grew to 60K and started kicking englishmen back to the sea. I tryed to kick english fleet also, so this escaping troops would be hanged or destroyed, but lost the naval battle quickly.
After that England started to demand two jacarta cities and brought much better fleet. France wouldn`t mind for peace, so i agreed to give those 2 provinces - as i told Far East is less importnant region for Portugal - England and Netherlands rules there more.
Well, by this all active moves were stopped - Spain was completely beaten and there was time for signing peace. Portugal got only 2 iberian provinces (while i hoped for 4 before the war), but at least maximum manpower was raised from 10-12 to 22 (and should be 4 higher 10 years later). I even moved land slider to 2 from 1

Though i am sure, next Portugal monarch - Archduke will move this slider back to 0 and goes to deeper colonization
ciao
Anton