What would you do with this campaign??

[Cullhwch]

Hmm, have you tried raiding the Ptolemies and hitting them where they don't expect it?

This is kind of a long-term strategy, but if I were you I would build a reasonably strong fleet (strong enough to defend itself against likely enemies) and take Kydonia and Salamis with a FM and the available mercenaries. Cyprus will be your springboard for raiding the cities of the Levant, Asia Minor, and Lower Egypt. Recruit mercenaries (preferably well-protected infantry) and regional troops in Cyprus (you can use levy hoplites and hippeis at the very least) and pump out enough spies to guarantee that any coastal city can be taken as soon as your men disembark. As a bonus, Ptolemaic armies in the west may turn eastwards to protect their homelands.

In all likelihood these settlements will be very poorly garrisoned, with a maximum of about four units. In any event, your spies will illuminate the easiest targets. Enslave or sack these poor bastards for cash and population bonuses. Destroy their MICs. Do not attempt to hold these settlements, as you will be pinned down and annihilated. Just sack and sail away. Let them retake undefended cities. If you've got enough spies, you can hit several closely-spaced cities in one turn. You can probably even take out Alexandria and Antioch and REALLY cripple their recruitment of elite units.

After doing this for a while and curtailing their military potential, a full-scale invasion becomes a real possibility.