No one seems to have posted a reverse Spanish gambit where the Allies invade Spain as one of their routes back into Europe.
I'm currently playing a mirror game with Thommo, as the Allies I will attempt the above strategy, and you guys can judge how rewarding it is.
I'll be posting each turn report about 10 turns after the actual turn was completed. So at the moment our game is actually at 25 September 1942. So my opponent is more than welcome to read this AAR and comment on it. I will attempt to minimise any comments benefiting from hindsight in this AAR.

Casualties so far. I retreated in Russia so the initial Barbarossa casualities for both sides were initially low. But the Soviet winter offensive was very willing on both sides so the casualty rate was high, especially amongst the Axis minor units

In North Africa Tobruk has been taken, at the cost of 3 MECHs and some INFs, the Axis forces have lost roughly the same, but I now have him bottled up in Libya. I'm free to roam the Med as there is no Regia Marina. Sicily is poorly defended at the momenbt with just a couple of GARs. The plan is to invade Sicily with a Task force via the Western Med, and hold the Axis forces here. I then expect the Axis to move their FTRs back to Italy. I should then be able to slowly reduce the Axis troops in Libya.

In Northern Russia I lost Leningrad, when FAIR weather appeared in November, giving the Axis forces an opprtunity. I think my main problem is I defend a couple hexes too far back in Russia in 1941. I’m now attempting to pincer his Panzers near Moscow, hoping it will divert his energies from the south.

Main brunt of the Soviet winter offensive was in the south against vey weak Axis minor allies. As usual I carried on the offensive a couple of turns too many and began to lose units. A failed sortie from the Crimea achieved nothing and actually worsened my position there.

I start the gambit by attacking Portugal as early as I can. I built a couple of CVs, a TAC and Patton before the US entered the war.
1 TAC (based in Gibraltar), 1 CV, 3 naval bombardments and a ARM attack reduces Lisbon to 4 steps. And to 0 effectiveness, it should fall next turn