EU3: Divine Wind Succession Game

[TriforceV]

First of all, I would like to have a few clarifications...
Assuming we are going with a Latin Monarchy,

What is the rules with a Regency?, does the player hold onto the reigns until a new king is enacted?
Also what happens if someone claims our throne? and we end up in Personal Union?

As for choices I think a second rate Monarchy would be more intresting then the stronger ones..
Maybe something like Denmark, Aragon, Portugal, Sicily, Milan, Scotland, or Hungary.

You know a kingdom that isn't too strong like England, or France but thats not a one state nation either.