Don't know if it factors into your decision but background wise Malwa has an interesting history that I hope to flesh out a bit at some point (should at least get their own NIs). They went the furthest of the starting Sultanates in integrating local Rajput aristocracies in their state. In the end it turned out to be a very bad idea for them as those aristocrats turned out to be disloyal but the idea is not bad per se (you could even argue the Mughals and their favoring of the same aristocratic Rajput groups is proof of the viability of this strategy). The region also has a history as the centre of major Indian empires (which you can see in some of the CK2 start dates).
Another random fact is that they're also more or less the only major exporter of opium in the world in 1444 and would remain so for most of the period covered by the game.
Delhi controlled almost the entire subcontinent less than 100 years ago so if you enjoy reestablishing empires to their former glory then that's a good candidate too