Truly it depends more upon the country and the OVERALL situation than merely a breakdown of slider benefits.
The USA can afford to be free market and global. It's got the IC base already.
The UK and France have a hard time keeping pace with Germany and have to bide their time.
Germany has to play it right and not over-expand too quickly.
The USSR has to watch ALL of its massive borders or even its hordes of infantry will be negated.
Japan needs the extra CP IC to keep it's armies supplied and fleet up and running.
Italy can't max and stay it's ideology, so just easier to go CP for the extra IC.
When you're playing a minor, it also applies to the situation. Canada and Australia, yeah, keep yourself localized in conflicts and you can benefit from FM. Romania and Hungary are going to see conflicts in Russia (ideally) so the extra TC would be so welcome for re-enforcing your units and such.
I'll end by saying I've never lost a game, single-player or multi-player, because of where my sliders were set versus my opponents. If it happened, I would immediately begin special education style tutorials because I have obviously poked a crayon so far up my nose it has become lodged in my brain.