I like the Ladoga-Svir-Onega River frontier to the White Sea for Sweden. It's a border that's short and defensible. The Swedes need defensible and after the Great Northern War will want defensible.
If the Swedes get Norway, they are in a position to build a very large navy for colonial expansion overseas. The Swedes will be keen to expand overseas now. Remember, during this war, Finland (1699) had a major famine. The Swedes need a better granary than the Baltic States but they know by now that they cannot take over and hold any more territory inhabited by other Europeans.The Swedes also need an opporunity to expand the number of people in the world who speak Swedish.
Norway, if the Swedes get it, has excellent harbors and plenty of wood, even for masts, for shipbuilding. Enough to where over time, Sweden's navy can exceed the size of the UK's.
Could the Swedes get the British on side (and protect themselves against any possible Danish resurgence in the future) by offering the Brits Sjaeland, including Helsingor (Elsinore +) and Copenhagen as that would guarantee freedom of the seas for the Baltic much the same as Gibraltar guarantees the British access to the Mediteranean? And/or possiby let the British ( the Act of Union with Scotland has just passed) have the Faroes and Iceland in return for something else? That being perhaps the western side of Hudson's Bay or entre' to the tail end of the War of Spanish Succession as a British ally, from which Sweden might be able to extracrt, say the Rio de la Plata region, Chile, and title to Patagonia?