I want to see what optimal strategies emerge before making judgment on whether the formulas are bad.
So far I think your starting position must match your desired playstyle. If you want to go wide with conquests, you probably shouldn't start around the areas with the highest development in the game; that's more for going tall. I mean you can probably do it anyway, but mostly as a colonial game with foreign expansion, slowly integrating the area around you with diploannexing (once you can start throwing away Dip) or leaving it to last when you have stacked bonuses to core costs.
I mean that's actually the reason colonization was a thing. It was the most sensible method of expansion during the period for the nations that were able to do it. Conquering neighbors became less feasible as neighbors coalesced beyond feudalism and broad alliances helped protect integrity.
So, I guess, if going wide, start elsewhere and conquer expensive Europe last when you no longer have to buy ideas or worry as much about tech & internal development. Or, if you start in Europe, maybe begin slow but pick up later once you've grabbed many of the expensive provinces and rapidly steamroll the rest of the world.