Alright, here is a rundown of the settings that I am employing.
Map:
Galactic Edge: Large, Warp Points Located anywhere in system. I turned off 'All Warp Points connected' option to minimise the amount of interconnectedness to make blockades actually possible. All systems are actually connected to each other.
Settings for all players:
Medium Tech Cost.
High Starting Resources (to give you the extra kick at the beginning. Early game is such a slog without it.)
Home Planet Value: Good
Number of Starting Planets: 3 (again, extra kick at the beginning. Also, due to tech level).
Empire Placement: Evenly Distributed through quadrant (doesn't matter, since I manually placed the empires.)
Score Display: Only your own score.
Tech Points: Medium
Racial Points: 3000 (but you knew that).
Game Options:
Sight Settings: You can see your home system(s), and require sensors to see at any distance.
Events: Low frequency, but can be Catastrophic.
Max units in space: I just made that 20,000. FYI, this only refers to mines/satellites, etc.
Max Ships allowed per player: 1000.
Gameplay Options: No Tactical Combat. You guys are turn based anyway.
Player Restrictions: Can Give Gifts, Can Give tech through gifts and trades, Can Completely Surrender, Can Conduct Intel Projects. Cannot see entire tech tree. Not limited to worlds you can colonise.
Turn mode: Different Machines. Turn Based.
Victory Conditions: Peace Throughout The Quadrant.