Based upon our experiance, I would say take out the British fleet as soon as you can, even if its a risk.
Put enough resources into knocking out Russia as soon as possible, even if you have to fight a defensive war in the west till you do.
Once you have knocked out Russia, you will have sufficient IPCs to now go after the other allies.
Send the Turks after the UK in the middle east to force her to spend there.
Have Austria concentrate on killing the Italians.
The Germans should be able to stabilize the front now and not lose ground, even if they cant make progress.
As soon as Austria captures Rome, they can also drive into France and with the Germans and lots of IPCs they should prevail.
Don’t be in a hurry to try to win if you are slowly gaining in the IPC race and making modest progress. You can wear the Allies down and build up naval superiority.
Oh, and a little luck doest hurt.
Kim