WI/PC: Italian Electorates

WI certain Italian states are turned into electorates after the German model ratified by the Golden Bull? Except instead of choosing the HRE, they choose the Rex Totiae Italiae (or whatever the title would be). When would this be likely to happen? Which states aould be raised to electoral status? How many would there be?
 
At this point, Imperial rule on Italy was mostly formal due to the ongoing crisis during Louis IV's reign.

The point of the Golden Bull was to re-asset the imperial structures after that Charles V suffered resistance in Germany and Bohemia : for that he was willing to let Italy aside for the benefit of being crowned emperor (and the legitimacy it gave him in Germany).

If Imperial power was still something strong enough in Italy to integrate it into elective/political structures, you probably won't have the Golden Bull in first place, as an effort of political unification.
 
Also lots of Republics and Oligarchs in Italy, not sure how they would fit into an elective monarchy. There's also the Pope, a foundation of the empire but also strongly opposed to HRE influence in Italy.
 
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