Don, it makes sense, with the following remarks:
There might be some Spanish colonies up for grabs, if Spain is on the loosing side; in particular Philippines and Guam (I cannot believe the USA expanding the conflict to Far East ITTL).
Hungary should be independent, and probably should get out almost unscathed (certainly keeping Transilvania - Romania is on the loosing side too ITTL). My doubts are if allowing an Habsburg king, and what to do of Croatia (my take would be YES for the former, and a puppet kingdom for the second); puppet Serbia (looses Kossovo, but shares Bosnia with Croatia); independent (and puppet) Montenegro; Bulgaria grabs all of Macedonia as well as west Thrace (what to do with Thessalonika depends on where Greece was in the war).
- it does not make a lot of sense for the Russian to annex Persia outright. It's much more sensible to keep a Khajari shah under their thumb - via a resident at the Shah court as well as the famous Cossack Brigade. The Abadan area is a bit of a question mark: I think that the Germans will like to keep it in their sphere (oil). It might be governed from Baghdad (Iraq - which you did not mention - might be either a direct colony or even better a German protectorate. Same German protectorate status might be extended to Kuwait, the Trucial States, Bahrein and Qatar. However, i would suggest that Mosul area is awarded to italy, and joined to southern Anatolia).
- Syria might again be a german protectorate, rather than a colony.
- Lebanon (possibly limited to the Christian portion of the region - with or without Beirout) might become an Italian protectorate.
- Palestine would be a triple co-dominium (GRI), so that each major Christian denomination would have control over the Holy Places
- Arabia (including Trans-Jordan) would certainly be a protectorate (joint italo-german?), but formally independent so as to avoid any trouble with Maccah
- I would love if the Boer republics were reinstated in South Africa (independent with german guarantee)
- Indochina: I would favour a horizontal split (Cambodia and South Vietnam to Germany; Laos and North Vietnam to Italy, since it quite close to Hainan)
There might be some Spanish colonies up for grabs, if Spain is on the loosing side; in particular Philippines and Guam (I cannot believe the USA expanding the conflict to Far East ITTL).
Hungary should be independent, and probably should get out almost unscathed (certainly keeping Transilvania - Romania is on the loosing side too ITTL). My doubts are if allowing an Habsburg king, and what to do of Croatia (my take would be YES for the former, and a puppet kingdom for the second); puppet Serbia (looses Kossovo, but shares Bosnia with Croatia); independent (and puppet) Montenegro; Bulgaria grabs all of Macedonia as well as west Thrace (what to do with Thessalonika depends on where Greece was in the war).