The Fleet Germany needs...
Germany needs a fleet of modern battleships and bsttlecruisers to be considered a great power. The question is, how big?
I would think that the battlefleet needs to be big enough to defeat the French and the Russians sequentially. A program perhaps 2/3 of the historical program might do--2 Nassau's, 2 Helgolands, 4 Kaisers, 4 Konigs, and (eventually) a pair of Baydens. Battlecruisers can be mimimised--perhaps 2 or 3, since France and Russia aren't building any.
Use the extra funds for either long range cruisers for raiding French trade, or for the army.
Mine warfare forces are a necessity--if war with Britain does break out, the fleet won't be able to keep the RN away.
Britain should be reasurred that the fleet is not intended to contest the seas with the Royal Navy--a treaty ratio might help there, or some sort of informal understanding. The ability to match the French and Russians must not be negotiated away, though.
Since the ships are fewer in numbers, they can be a bit larger, and have decent range and habitability. They might really be able to protect the colonies...