Usually, I play latin european colonizers.
As such, I go :
- Plutocratic : higher TE/PE, cheaper ships, no need for high DIP (wealth is enough for the cutting factor in diplo-annexation, and vassalization are rather done by war - and conquests are to a minimum, to limit BB)
- Narrowminded : for the colonists and missionaries, and decrease of stabcosts (to allow me to go Free Subjects). Even so, I flirt on the ATP with every latin european, so I don't need a reduction of techcosts.
- Centralization : I get more colonies than vassals, so there's no need to get more money from the vassals. Up the PE.
- Free Trade : colonists. More merchants too, but once 5 merchants in every CoT is achieved (and monopolies in colonial CoTs), it's useless to get more merchants.
- Naval : colonists, ups the naval morale (it's the only slider allowing this, and land morale is already upped by quality and free subject, as well as high techs and often Defender of the Faith*), increases TE (better than PE's decrease, as trade income is higher than production income).
- Defensive : +1 Siege. Sieges and control of provinces is what wins your wars, more than battles. You can avoid battles, but you can't avoid the need to siege, so go for defensive.
- Quality : +1 Fire, ups morale. It's a no brainer, even if it lowers manpower**. The increase of costs is not a big deal, with a good economy (yeah, you should have understood the main point, now

).
- Free Subjects : sure, in greatly increases stabcosts (but tempered by narrowminded, and with many FAAs built there's no problem), but increases PE and troops morale.
* as a latin european, DotF is not a big deal. The increase in techcosts is not so hard when you already have a big economy.
** Full naval and full quality make you get 50% of your manpower, but manpower is only one of the factors determining your support limit. Economy, grain, buildings are not affected by the DP sliders, and make the bulk of it - especially for a colonizer, as you don't get MP from other continents (unless land-connected to the provinces).