For the purpose of this discussion, you have to assume all players are equal in skill. That means the countries are not equal.
Honestly, as much fun as I envisioned it 10+ years ago, I just couldn't see it being much fun after a few turns. Every country starts with at least 3 good knights that are theoretically capable of beating any of the other countries big 3.
A lot of the value for project knights is diminished (Kiloph, Brangien, and Lance come to mind), middle guys would be almost equally discarded (Bagdemagus, Guinglain, and Luintail), and high enders with low rune power (i'm looking at you- Esgares) lose much value.
The only fair way to get a handle on how it potentially could go down is to determine which 3 knights each country would deploy, and which initial recruits could be hired. Angels and Demons would be especially favoring because of their nuke spells (divine ray & curse) The starting second tier monsters would be a minor factor as well. Possibly even which classes are open to the big 3 knights because spells would be more devestating against human players.
When I get some time I'll draw up a more detailed analysis of how this would compare.
Here are my opinions for top 3 knights/country. (Rune Power) I'll leave it for a bit to see if anyone wants to debate. Next post I'll outline recruitable monsters, second-tier initial monsters, multiclassing, and other thoughts.
New Almekia: Gereint(284)- duh Melegant(209)- duh Coel (254)- change him to a mage Overall (747)- NA probably has the worst top guns. They have versatility but are underwhelming.
Caerlon: Cai (319)- duh Dinadan (307)- duh Janfader (198)- highly debateable Overall (824) One of the strongest, with the third slot interchangable.
Leonia: Paternus (273)- duh but he will be multiclassed Asmit (214)- Switch to mage Isfus (233)- duh but he will be multiclassed Overall (720)- My favorite for this concept. Statistically they are the worst. Having 3 healer/mages offers the most versatility.
Iscalio: Dryst (322)- duh Iria (248)- duh Bagdemagus (215)- very debateable Overall (785)- One dimensional. Probably the best top guns but no versatility.
Norgard: Vanyard (332)- duh Guinglain (294)- duh Roadbull (247)-switch to mage Overall (873)- They're pretty bad initially. High rune power, Vanyard, and potential are their saving grace.
Esgares: Zemekis (351)- duh Cador (275)- duh Esmeree (304)- duh Overall (930)- Clearly the best in terms of levels and rune power. They are also capable of fielding a second team (Gish, Esclados, Soleil), although the second team is worse than any others top guns.