Graf Spee is a Panzerschiff like the previous 2 (Deutschland and Scheer). The Datas are the Same.
You have to upgrade them before the War with the new 28cm Guns, new 15cm-Sec-Guns, new 2cm AA, newer Torpedos ect. and the second Firecordinator (C.35). If possible give them the first Radar (Radar II-Research) too.
Then you send them to Convoy Routes in South-America and if possible to South-Africa / India.
Use your newer heavy Cruisers (Hipper, Blücher and Prinz Eugen) in the northern Atlantik Area to catch Convoys. They have the same Armement, but a better Hull, because they weren´t build in the Versailles-Arragement. This and the Sharnhorst-Battleships are your first heavys with good fighting-power and speed.
I try to upgrade the older ships first to get them Battle-Ready:
a) Panzerschiffe [Deutschland, Scheer, Graf Spee]: AA II, Heavy Guns II, Sec-Bat. II, Torpedos II, Firecordinator II; if possible Radar I and Armor II
b) Line Ships / Dreadnoughts [Schlesien, Schleswig-Hollstein]: AA II, Heavy Guns II, Sec-Bat. II, AA II, Plane-Launcher I, Firecordinator II and if possible Radar I as well as Battlecruiser-Armor I
c) light Cruiser Emden as well as the Königsberg-Classes / Leipzig-Classes: AA II, light Guns II, Plane-Launcher I, Firecordinator II, Armor II and if possible Radar I; no secondary batterys!
d) all light Torpedo-Boats 1923 / 1924: Engine II, AA II, Torpedos II, Water Bombs I and Sonar I; if possible Radar I
e) Minelayers and Minelayer-DD´s (DD 1934 as well as Brummer and Bremse): Mine-Laying for all Ships; on DD´s: AA II, Mine-Defense; on the Big ones: Armor I / better Armor II, AA II, Sec-Bat II, light Guns II, Firedirector II and if possible on all Ships Radar I
Yep the new Ammo-Variations are powerfull too, esp. for Contrys which have a smaller Fleet!!!!!