Sorry to be a party pooper here, but I don't think Vicky, or any of the Paradox titles is suitable as a base for modern day (or even Cold War) scenario. Paradox games are focused on war (sometimes in more, sometimes in less detailed) and conquest - which is something you won't see all that often in our times.
It's just a matter of goals and rewards. In classic strategy games, you win by defeating your enemy. It's usually solved in similarly classic way - warfare and conquest, taking over his land and such. In Cold War (and any realistic MDS game) it would have to be replaced by economical and cultural "domination" as well as plenty of elements that would dazzle player, replacing this all time great feeling when your tanks grind into dust enemy troops. Something to keep the player happy, even though war in such game would usually mean, that you have failed in achieving your goals in proper way.
Similarly, nukes would be much more worth as potential threat, diplomatic tool ("we will stop developing them for...", "we won't deploy mid range missiles if...") then actual weapon. Arm trade would be much more important not for rising your military potential, but for improving your economical standing, getting ties between corporations and satisfying various social groups in your country. Spy actions would be less focused on beloved black ops and more on general information, economics and such.
Oh, and that's even before we get to proper economical system, resources and such.
Basically WHOLE different game. I'm sure Paradox could do something like that, but it would be nothing like titles they have made before. Even Vicky, with all the social simulation detail, in its core is a conquest game. Cold War/MDS game would have to replace it with cultural/economical domination.