Oh there are plans in place to neutralize the main battle-fleets of pretty much every power right now....

Considering that I do not have a main battle-fleet, I guess I do not have to worry about anything. ;D

Interesting Question.
First, I think the ocean going and long range capacities of subs and destroyers in 1900 are too limited for "B" to work well. The commerce raiding version of it would be better.

You list 3 potential OPFORs...how would the options work against each ?
Italy :
A) would match up against what the Italians have and give a sort of parity. 
B) Might work. Most Italian commerce is westerly, which means she's on your SLOC to the raiders. Focusing on CR instead of PDs likely means you would loose the ability to contest landings in Africa - or even the Aegean.  Given the former lands of the Venetian republic and the Italian Irredentinists, as well as the known desires of Greece, that could be problematic.   
C) The problem with large torpedo swarms is torpedoes aren't that cheap.  The Italians have them because they'd be a PITA to support a landing in Italy, the Adriatic is narrow, and Algeirs-France isn't that far. Oh, and because it's what they historically did.   I think torpedo swarms would work for the Aegean, Red Sea and Persian gulf, and the Italians can counter in the Aegean.

Russia :
A) The Russians *have* to split their fleet. They also can't reinforce the Black Sea. The Russian land army, supported by the Navy, is the biggest threat to your territorial integrity. A conventional fleet can contest the Black Sea.
B) Not a shock, but the mercantile trade routes of 1900 Russia are something I just don't know. I'm guessing the Black sea is an important export, hence their burning desire for a port on the Med. I'm guessing the Baltic is hugely important, and here the Yellow.  It's going to be hard to project raiders in the Baltic and Yellow without support, and all those fleet elements with no way to the Black Sea can address them. Meanwhile, you already have the Black Sea bottled up.
C) Swarms of torpedo craft would be ineffective against the Baltic and Yellow seas. They could be effective in the Black Sea. Very. However, once you "win"...they can't support anything very well. Maybe commando raids.

France :
A) Battle with France would presumably come because you ally with Germany, in which case she can spare only part of her fleet, or you've ticked her off over colonial issues..in which case she might keep some home to keep the Germans/Italians/English from feeling frisky.  Either way, I doubt she could afford to project her main force against you for long.
B) France has lots of trade. You can interfere with some of it. This may be useful.
C) Swarms of torpedo craft would be a strictly localized defensive measure. Though they would make landing and supplying France's 75,000 Marines problematic.

So, I won't say my preference. But hopefully the above views stir some ideas for you :)

Quote from: The Rock Doctor on December 08, 2014, 12:52:36 PM
 

But I have huge operating areas, with several chokepoints between them:  The Black Sea, the Adriatic, the Persian Gulf, the Red Sea, and of course the Med/Aegean.

So what do you think - should I focus on:

A)  The standard balanced battlefleet (BB+AC/BC)

B)  Go for a modest fleet-in-being with one type of capital ship, and invest heavily in sea-denial stuff like subs and destroyers (the "New Swiss" approach)

C)  Wind down the battlefleet and focus on swarms of small torpedo-armed stuff?

Thanks, Kirk.  Good analysis.