Of all the nations currently bordering us, Ptolemy is the one we have the least to worry about. Let's not forget that he's in Egypt. They don't have much in Thrace, I reckon we could kick them out in one season if a war started. As far as the threat to us is concerned, Ptolemy cannot be compared to Iberia or the Seleucid Empire. He can, at best, be compared with Carthage, but is even further away, and we haven't seen his fleet perform significant operations in the Aegean.
A war with Ptolemy would not involve a large military campaign. Our war with Carthage didn't involve an invasion of Africa, so why do some apparently assume that we'd suddenly have to invade Egypt if a war with Ptolemy started? In fact, how about we stop being cowards, stop being scared of that bastard in Alexandria, and do what's best for the Republic? I propose:
Motion 10.15: In order to secure the Republic's eastern border, this house instructs the First Consul to completely expel the forces of Ptolemy from Thrace, and to capture Byzantium. This motion authorizes a declaration of war on the Ptolemaic Empire.
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