Well, I've got a long list of things I want to do, but it'll probably take me until HoI V is released to complete them all. Most important aspects:
1}
Focus tree expansion, with a particular view to enabling monarchic restorations/establishment. (By far the most personal-preference-y, but also the first I decided to do.)
2}
Tech tree expansion, both to extend the timeframe a little and to give greater choice to the player. (i.e. early heavy / late light tanks) Also to add some unit types.
Tech tree fixing (ahistorical and derpy units).
Properly modeling guerre de course style naval warfare as an alternative to HoI's guerre d'escadre fetish.
Modular ship building. (If I'm right in guessing that the in-game representation will be weak, haven't really seen it yet.)
3}
Diplomatic options for tech sharing/license production and sharing of supply routes.
4}
Minor changes to the training system.
5}
Historical ORBATs.
6}
Minor adjustments to alerts and unit names.
3, 4 and 6 may be done very quickly, Dice Gods willing, 2 will take a long time, and 1, 5 and deconfliction with other peoples' mods I will want to use will probably never end.
I'll also need to solicit help from some friendly artists to deal with unit pictures for 2. In fact, help would ... help ... for all of it, but the art's the only bit I'm sure I can't do passably myself.
I'll break it up into two mods, but supposed to be used together. All of the naval content, the training, and the text changes will go off into Guerre de Course, which I see being far more popular, and the rest will be Restorations. Depending on how good/bad the naval aspect is, there may need to be a third, minor Guerre d'Escadre which revises the more vanilla aspects of the naval warfare.
[First round for Restorations focus trees will be Manchukuo/Quing, France, Germany, White Russian uprising. Will then be followed by others such as Austria, the Turks...]
Edit:
Oh, right, and map adjustment, depending on what others put out.