This game has been played many times at Redscape. You'll find more info there: http://www.redscape.com/viewtopic.php?f=27&t=2801
Here's a description of the game from the GM, Sendric:
This variant starts with around 40-42 nations, with some wiggle room to go up or down. There are five categories of nations (rated A-E), which is based on their starting strength as not all nations are created equal. These ratings are also used in an end-game coalition vote to determine who the winners are.
In addition to the normal armies and fleets, this variant also features additional units, such as Wings. Wings can be used to bombard cities and airlift armies over otherwise impassable terrain. Also, some nations have the ability to create nukes. This ability can be transferred to other nations, usually in exchange for services or banked credits. Nukes, of course, can be used to utterly destroy cities and units.
In general, the game is skewed towards the larger nations. However, in the last run not a single large nation came away with a victory, so its anyone's game. You can follow the link above, or if you are looking for more information, you can visit my site where I will be updating the game as we go along:
http://www.sendric.com/diplomacy/