"the alternative is multiaccounting. Would that be acceptable?"
No, no, and no. I'll say that before someone else does with slightly more profanity.
"nobody except other noobs will want to play for a pot of 35"
Not true - I may not be super-experienced, but I've got a decent amount of points and I can tell you I'd rather play a 5

game than a 50

game - that way people are playing for fun and don't take it too seriously.
And as for the original topic: Firstly, I would say that if all other players voted to Draw/Cancel, you are obliged to as well. Personally I enjoy playing on because I don't really care abouts points or GR, as often we can compensate for the advantages gained from these CDs (eg, Italy and France ally against Turkey) but if everybody else wants to cancel you should probably do the same. However: this was also about your strategy. As Italy, seeing England and Germany NMR in Spring 1901, I would immediately move into Piedmont - a strong France is never good for Italy, so in that respect France attacking Italy was sound. However, you have to keep in mind that this left Turkey with nobody to fight, so perhaps a support hold from Piedmont to Venice or something of the sort would be in order to show to Italy you would be willing to cooperate, especially when England came back.