I can see Germany taking Spain. If the allies land a fighter in Gibraltar (perhaps after taking out the German Med. Fleet), I will consider blitzing a tank through Spain and attacking with one tank and all available fighters. I would be happy to trade a tank + 3 ipcs = 8 for a fighter = 12. I might even be able to retrieve the tank back from Gibraltar if the Allies don’t counter attack right away.
The allies nearly never land a plane on Gibralter. Further, I can never see Germany taking Spain. In fact, i can rarely see an Axis taking a neutral country. The fact is that this costs in effect 6 ipcs. Why? Well, not only have you taken Spain (3 ipcs), but you also have removed the need for the Allies to pay to take Spain (also 3 ipcs). Further you have made Europe more desirable to invade as that “neutral 3 ipc cost” thing is often a psychological barrier to the landing on Spain (and i love landing Spain as the UK, and then Shuck-shucking from the US - i can have as many as 14-18 inf before Germany can shake its head this way).
Also 221b - i do like your idea of taking Peru. I think that this is a worthy use of 3 ipcs as not only does it allow you the acquisition of Brazil, however it also may distract the US, allowing Germany a little more liebensraum (did i spell that right?).