I would argue that EU3 vanilla took exactly that approach and ended up a great game and probably* the greatest commercial success outside the HoI series, though I am aware of many on the forum who disagree with that assessment, and not just those who managed to somehow convince themselves that EU3 should have been like EU2 in gameplay despite all evidence to the contrary in the developer diaries.
* as I don't have the numbers I'm merely guessing here
I am absolutely certain that you are right. No matter HOW it ends up,
somebody on the "this is how I interpret historical game" spectrum will end up dissatisfied. As such, the mere fact that somebody will be dissatisfied and disappointed is not very relevant to design decisions.
Then again, I'm probably about as far into the "add pink flying elephants to the game, if it makes it more interesting and challenging as a
game" membership as it is possible to be while not going bonkers, so take it with a grain of salt: I couldn't care less about reenacting history as we know it - I'm only interested in creating a new history.