Notes on Austria
After playing Austria a few times in VIP, as well as knowing some Austrian History, I have a few 'suggestions'.
#1. There are almost always constant Prestige hits. It is virtually impossible to get Prestige above 30 for the first 40 years without being constantly at war.
#2. The Crimean War: It seems like once I declare neutrality, that's it for any involvement in the Crimean War, that or wait for the Ottomans to inevitably ask me to join their alliance.
IF Russia takes Wallachia and/or Moldavia, Austria historically issued an ultimatum for Russia to withdraw, which they did (this could be a yes/no situation, leading to war). These provinces then became (temporary) Austrian protectorates. Then given back to Turkey at the end of the conflict.
I have seen Russia steamroll Turkey, when historically Turkey put up a good fight, and through pressure from Austria and the Allied advance on Sevastopol, the Russians had to give in. The threat of Austrian involvement scared the Russians, since they were making little progress against Turkey or the Allies, and didn't want the Austrians invovled as well. Successful Austrian diplomacy should increase their standing in Europe (which it historically did) and might help the Prestige drain.
#3. Austrian Navy: By the 1840's Austria started construction of a navy of Frigates and by the 1860's of Ironclads. As it is now, it is virtually impossible to do either. Austria and Sardinia-Piedmont could probably use shipyards (Austrian one in Venitia) starting in 1836 (Sardinia already has a fleet). The Machineparts cost is too prohibative to build one until the late 1860's, or early 1870's (especially since the period from 1848-1866 is full of turmoil, wars and heavy prestige hits). This means that there could never be a battle of Lissa.
#4. The Danish Crisis event trigger is a Prestige drain no matter what choice you take. If you accept war, the 15 Prestige gain doesn't come close to the loss by declaring war, usually resulting in remaining at peace being the lesser Prestige drain. The positive end of the war gives nothing to Austria as well (AFIK).
#5. Venitian independence of 1848-1849. This uprising created a temporary Venitian state, which had to be subdued by the Austrian Army. Currently this could only happen should the liberals uprise and declare independence, which never happens. Maybe this should be done in a separate event?