And so my latest attempt as the CP…
In general, the strategy could be described as play conservatively, hold onto and build up the CP forces, build up the German and AH fleets, and then hit the allies with combined forces to diminish the risk of allied counters (e.g., Germany hits a Russian territory, then AH reinforces before Russia can counter.)  The strategy involved a lot of early CP bluffing, threatening large invasions on all fronts to force the allies to fall back, but then just skirmishing/trading the peripheral territories instead of moving in force deep into France/Russia/Italy.  Both the Germans and AH were able to achieve stand-off with their respective fleets - the Allies were collectively stronger in both the Med and North Atlantic, but the “attack-alone†problem combined with mines meant neither side was in a position to attack.  The CP did much better with this strategy than in my other recent games, and eventually, the CP were able to force Russia into revolution which they accepted, to (more-or-less) close off that side of the board.
And it still didn’t matter.  The Ottomans fell to sustained British assault, the Italians were never seriously threatened, and the western front began to collapse with the allies enjoying a significant economic advantage.  AH managed to essentially check the British advance up through the Turkey, but the British were a monster and dropping steadily into Picardy and then Belgium.  France was as strong as AH, and the Americans and Italians managed to put together decent little forces to harass the CP and reinforce the British and French troops as necessary.
My CP play still wasn’t ideal – the major strategic mistake I made was not pushing harder into Italy – but it’s starting to get a lot closer to ideal.  I can’t blame the dice, in the fact CP on the whole enjoyed better than average dice, particularly in the North Atlantic and against Russia.
All of which is a way of saying I’ve gotten frustrated with this game.  Maybe the new “risk†movement rule will help.  Maybe a bid to play the CP.  But, OOB, with competent play on both sides, and non-absurd dice, I don’t think the CP can win.