I think you should want to get the ottos on their own. Naples should be out by selling Catana to Sicily. if Sicily accepts Sardinian, sell to Sicily. Sell Naxos and Rhodes to Morea to get Venice out. Release Cyprus to remove Mamluks. Release Theodoro and sell rest of Crimea to them. Worth straight two-warring ottos to annex including a truce break. Just DoW Candar and Karamon before ending war number 1.
That would be a very interesting strategy, but it seems a bit gamey to me, and I want to keep most of my lands painted purple. I will definitely keep this strategy in mind if necessary, though.