I usually go with catholicism, and always for Counter-Reform catholicism! I mean, you can you possibily allow your own people to go to hell for disregarding the Pope?
Besides, it's great fun to whack all those heretics and them force them to convert to the true religion

! Let that be a lesson to them! Besides, there's where Spain gets a real bagful of points in the latter XVIth century (with missions turned off, that is).
As for the protestant bonus, I guess it's very much accurate; our universities actually debated this point for a long time, and we reached the conclusion that, in RL, protestants were FAR more greedy than catholics (catholicism actually condemns excess profit) and therefore had a much more dynamic economic system than we did - and still have, for that matter; look at the huge income differences between catholic and protestant countries today; France herself was hugely damaged by this.
regards,
Keoland