This is going to sound really, really pedantic...but weren't the Russians also at huge quarrels with the Polish nationalist movements at the time? I mean, the Russians and Germans actually had some co-operation on that factor- and it's just the one bit of Alternative History you'll need to walk carefully around, in order to make a war-threat between Russia and Germany better. I can advise that the Germans/Russians were at huge odds over Russian alliance systems to the French...something which of course, the Germans would be threatened by. And all the Balkans before even WW1, was a powder keg which is just German/Russian bitching for most of the 1890s/1900s/1910s. Though I'm fine with the PLLF, it would need the right spin- I like the direction though.

Also, I believe that Fredrich III died in 1888- though if he hadn't of died of inflamation, then I can only imagine that yep, that'd be fine- it was just a wonder really. All of this is just drawing from what I know of the period. 

I like the idea of a United Kingdom of Scandinavia- and I can only imagine the idea of Norway, Sweden, Denmark and their attached territory in Iceland/Greenland bickering with Finland. Finland at this time was basically Russian, no matter how entirely you paint it- sovereignty was very, very limited, so I could only imagine why the Scandinavians are tempted to work with Germany. While Sweden has remained very neutral, and Denmark has previously had issues with Prussia over Schleswig-Holstein, I could imagine the idea that they would want Finland to join- and even support Socialist efforts in these regions to usurp the Tsar's rule. Another thing of interest is that Alexander III is batshit. Coincidentally, he dies a year after this RP's setting, but after 1881 when his dad, Alexander II was killed by a bomb, he basically repressed the Russian people to all hell and kept Russia's backwardness by reactionary policies and all (interesting facts- he was strong as anything, and could bend coins with his hands...yeah, Russia. Died of kidney failure too!) . So perhaps this could be another biting point- I believe he didn't get on well with people like Bismarck and Wilhelm I, so I can't imagine him being all too friendly when there's airships at stake. The French would play a huge role in arming the Russians up, and building their railways due to huge, huge natural resources they tapped into- you could imagine perhaps Russia being like a goldmine for resources, and creating a force of unquestionable size. I really like the fact that it ties very well to what I've studied of Germany/Russia, and the period couldn't be better really- this is really the meat of when we see escalation (in reality) to WW1, and considering we've thrown a Steampunk feel to it...yeah, politics and the entire RP will be very, very interesting indeed.