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1. UK keeps colonies - mass hit to the international relations, mass rebels in Africa etc. etc. Yes, it is fun.
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And remember, politics and elections! There's an slavery issue in Vicky (easily a 'emancipationist' issue), political parties with pacifist program could limit your budget, stands (high militancy) because of your limited but seen as wasteful soldier losses keeping your anachronic empire... so well, there're possibilities.
I think that modders could give the definitive answer about the way Vicky features can fit in Modern Days or Cold War. Though a commercial release by Paradox... I don't think they'd be pleased with the idea (more likely if a good mod is running).
About new games (not just sequels) there are alternatives... Why to keep fixed the timeframes and looking just fot the holes? A napoleonic through WWI war -long XIX century, as Hobsbawn could argue- would be a quite interesting thing... (mixing EU and Victoria).