The positive thing about the Peru forming and inheriting all colonial nations is that they lost a lot of their colonist,s which means that their expansion rate has been reduced.
I would focus for now on India and China. As soon as you have broken the major resistance in those two blocks, you have destroyed your two main roadblocks. Your colonies will also grow just as fast, if not faster than Portugal. You could transport one army over to the new world to start conquering the natives, this will make your colonies stronger and also take away possible expansion paths of Portugal. Especially Inca and Mexico.