*waddles in*
Ahem... The following has been mulled over by Ivy (and others) for quite some time now. Ivy some day hopes to have enough time to write a TL based on and incorporating it, ya know after I get around to writing ANFTP Mk II...
Early 1848
Archduchess Sophia has a brilliant idea! She decides it is in the best interest of her sons and her husband's family that rather than opposing the nationalists meeting in Frankfurt, the House of Habsburg must once again do as Maximilian I, Holy Roman Emperor and Ferdinand II of Aragon agreed to, and divide the hereditary Habsburg lands. She, using her force of will, convinces Chancellor Metternich and other key figures in the Habsburg power elite of this and negotiations are opened with Frankfurt (which IOTL at it's beginning was pro-Habsburg, and led by one of Franz II's sons). Negotiations are also opened with Polish, Italian, Hungarian, and Croatian magnates within the Empire. All this culminates in the Promulgation of Schönbrunn by Ferdinand I which detailed the following:
Ferdinand I would abdicate his throne and his Empire would be dissolved into 4 states, with his 4 nephew's each taking the throne of one.
His elder nephew Franz would ascend to the German Imperial Throne, in accordance with the agreement the Habsburgs reached with the nationalists at Frankfurt, become Franz III and overseeing German Unification (to include Austria and Bohemia).
Ferdinand Maximilian would rule over the Habsburg Italian territories (Venezia and Lombardy).
Karl Ludwig would ascend to the thrones of the Dual Monarchy of Hungary-Croatia, with Archduke Stephen, Palatine of Hungary serving as his Regent until he came of age (Stephen was the eldest son of Archduke Joseph who was very popular with the Hungarians).
Ludwig Viktor would ascend to the Galician throne, and his mother, Archduchess Sophia would serve as Regent for the 6 year old.
Now to focus back to Italy: Ferdinand Maximilian, an Italian romantic to begin with, decides to revive the Iron Crown of Lombardy. [1] He (and his mother and Italian national advisors) also arrange a family pact with the Tuscan line, where rather than being dethroned, the Tuscan branch submits to Ferdinand as King of Lombardy while retaining their prestige and non-governing privileges. Thus Ferdinand is crowned with the centuries old Crown in the Cathedral in Milan and Ferdinand II (acknowledging Ferdinand I of Austria's reign).
Through diplomacy and war, with the backing of his brothers in Germany and Hungary, and with a much better relationship with the Pope, Ferdinand's Lombardy unifies Italy by say 1860 at the latest. Ferdinand arrives in Rome, where in St. Peter's Square he is crowned Roman Emperor of Italy by the Pope.[2] He decides to call upon the title of Byzantine/Roman Emperor bought by his ancestors Ferdinand II and Isabella, and thus as Roman Emperor of Italy, takes the styling (in Latin/Italian) Ferdinandus/Ferdinando III. [3]
[1] Credit to Hapsburg in one of his mini TLs for the idea of a Habsburg restoring the Iron Crown of Lombardy.
[2] Credit to Eurofed for the idea of Ferdinand becoming an Emperor of Italy.
[3]Ferdinand II of Aragon being "Ferdinandus/Ferdinando I" and Ferdinand I of Austria being "Ferdinandus/Ferdinando II". This acts under the assumption that the Byzantine title went to the Austrians with the rest of the Spanish line's European titles after the War of Spanish Succession, or at least that this is what Ferdinand Maximilian would argue.
DONE... well I didn't create a Triple Monarchy, so no bonus, but that's a 100% right there so I don't need it!
Very interesting, but Archduchess Sophie doesn't strike me as the type to do a thing like that seeing how she was quite conservative and intended to preserve the Empire.