About Guerilla Republik's TL, I think he was to much consumed by desire to add factor of cool all over the TL and he also seemed to want limiting Ottoman gains but ended up unrealistic in his attempt doing so. If Ottomans along with their subjected states would be able to build a Great Canal of Gold flowing from the Americas to Egypt and the Gulf AND the Silk Road (!) through the MedSea, the dawn of empire's economical decline WILL going to have a considerable setback in that scenario vis a vis OTL. Of course they can't keep the gold canal forever, and the time will come for Granada to walk its own path and become a major power itself, likely be strong enough to now contest Ottoman dominance in the MedSea (this is also I think one of the most glaring mistakes of his TL : Islamic expansion in Americas should be mostly GRANADAN adventure, while Ottomans will be just making minimal moves to ensure their own share of profit.)
Also, the process of muslim expansion in the New World will likely, if not most likely, to be slower, at least at first, for they will be under more relaxed economical environment vis as vis OTL Spaniards due to lack of sever limitation of access to the eastern trade. Of course, specifically for Christian Iberians, if they would have any idea to disturb the process, the Granadans with their Ottoman overlords would just send a hundred ships or two to wreck their ports.
Also, Guerilla Republik, actually it will be better to add a realistic flavor of Ottoman setback in this kind of situation, by actually having them still going for Hungary in this scenario. While they will have stronger financial muscles, by having BOTH Italy and Hungary under direct occupation it will still mean a pretty lunatic stretch up. Though still don't forget to take into account the permanent scare left on Christendom's back by the splintering of RCC....