To help you guys choose, the differences between location is this:
In Europe: Close to the Soviet Union, which can be a good or bad thing, relatively high starting development, stronger communist tendencies but also higher push for reforms, a significant amount of resources. In Europe you will also immediately have to deal with influence wars between the Soviets and the Yanks. Less likely for a direct American intervention. Population will be highly politically conscious.
In Asia: High population, but there is little in the way of industry. A lot of resources, but usually hostile terrain, and most likely you will have to be decolonized. Later on, the area will turn into a tug of war between Soviets, Americans and at the end the Chinese.
In the Carribean: Little population, resources. Few neighbours. You will have time to develop, but you better get cosy with the Yankees or get protection from the Soviets, because if you don't, you will have superpowers jumping at your throat to replace you with puppet governments.
In Africa: Oh ho ho, this is a mess. The nation you will rule here will be hilariously unstable, with low starting population, but loads and loads of resources. You won't have time to align diplomatically, because the citizens of your artificial country will still feel Xhosa (for an example) rather than Maures. On the other hand, you have huge potential for growth, if you can survive the early years. Do you have what it takes to rule in Africa?
In South America: Low population and not too much resources. Pre existing rivalries with your neighbours will give you plenty of opportunity to practice diplomacy or war, and better get ready to fight off US-backed or Soviet coup attempts. If you manage to preserve your power, you will have plenty of opportunity to grow internally or expand by conquest.
In the Middle East: This is going to be awkward. Unless you have oil, your country will be poor, scarcely populated (except for fleas and camels) and undeveloped. Then you will have to deal with the Israeli, which can potentially end you if you don't play your cards right. The Soviets won't help you here, and you will need to hide behind your stronger neighbours to grow. And if you do have oil, it only makes it riskier, because from now on you will never know peace from foreign incursions. And also, disgusting borders.