1. Spain - a lot of players tend to consider Spain paramount - more cash, more troops (and good troops that is). The cons are: the Allies are likely to counter diplo you and very likely to defend Casablanca If you try to force the spanish joining DE.
2. Iraq - you need only one hit (even 4%) to cancel the convoy to UK - that is 70 mpps, a LOT. If more hits are scored and Iraq leans towards Axis more, I think the iraqi coup will not happen, the uk will be denied those units that land in Basra to take Iraq. The mpp shortage creates difficulties for the UK to defend north africa, for example. Or invest heavily into techs.
Even without Spain, Germany can go 1200+mpps with some IT tech and Gibraltar can be captured using bombers and a paradrop from the algerian coast (you get algeria around the time US joins the war so as to not unnecessarily bump american readiness). Plus if you really need the spanish cash, you can march a few tanks into Madrid

What are you guys thinking? Is the Iraqi diplo option likely to outweigh getting Spain to join Axis?