Ok, I stumbled upon your AAR about the Solankis, and felt urged to try it out. So, I started a H/VH campaign (I'm not hard-core enough for VH/VH).
First thing, I went with the entire army for Anhilvara, leaving Dhar empty. I didn't think about the sally thing until a bit later, so I besieged and took it the next turn. Sacked, of course. Then I split the army in two, marching the half lead by the faction leader to Somnath and the faction heir to Kutch. Besieged, siege engines and taken next turn. Sacked. Still in the red.
Next, the faction leader and one of the other elephant troops hurried up to Gwalior. Meanwhile the faction heir and the rest of the army marched for Ajmer, to take it using his Night Fighter trait. Ok, I was starting to do good. Note that I at this point hadn't recruited, built or hired anything. All cities are without garrison.
The Gwalior garrison sallied and were slaughtered. Gwalior sacked. I got an adoption/marriage offer with a good general, and since I saw the end of the economic darkness, I accepted. The faction leader, new family member and other ele unit marched west to join the heir and his besieging army at Ajmer. Or so I thought.
During the rebel turn, my faction leader apparently "ambushed" a host of rebels. I was like "wtf?" and started the battle against numbers strangely close to the numbers of my heir-army. During the fight, I figured out that it was actually my former heir I was fighting, although his ele bodyguard unit had been switched to a standard horse-mounted one. After I wasted him and his army, I continued to Ajmer a bit disheartened but with a daring plan.
The rebellion and death of my main army meant black numbers for the first time since I started. + 1,700 or something. During the rebel turn, the Ajmer garrison obviously sallied, facing only 150 of my brave elephant warriors. 600 men garrisoning, and 2,200 reinforcing from outside. Sweaty.
The garrison rushed out through the main gate, and I charged all my ele's staright in, running them over. I headed directly for the town square, and took control of it. Only a narrow street lead to the square, so I packed my bodyguards there, and the other ele's in the back holding the square. The rebels rushed to retake their square, but couldn't get passed the elephant blockade. VICTORY!! I got another castle, sacked it for 5,000 and got rid of that big, nasty rebel stack. This made me happy!
So, the faction leader, the new heir and their buddy elephants marched south for Mumbai, joined by another family member from Dhar. Siege = Rebel sally. Rebel sally = Slaughter!!!
After such a battle, I think it's safe to conclude that the bodyguard elephants demand a very high upkeep. The Mumbai battle ending my blitz, I left one gov in Mumbai, sent one to Dhar and one to Somnath. These are the settlements I see most use in growing. Mumbai and Somnath obviously for ports, trade and general wealth of course. Dhar for some decent troops to back my elephants. So, all in all, I think I'm well off after using wudang's blitz strategy. I will now consolidate my economy, build up my nation and prepare for the inevitable war with the other Rajputs (Chauhan?). The bad thing about all this sacking, is that my reputation stinks. I can get trade rights with other factions, but that's it. Occupying/Releasing everything in the Rajput vs. Rajput war should be enough to repair it, I hope.
Finances:
As you can see, my diplomat missed Oman and Sindh in his race west, but he is now headed back towards Oman and then Sindh. Obviously the trade rights with some ports can't be denied.
To further add to the "bodyguard-upkeep-discussion", I would suggest keeping the upkeep as it is (perhaps higher but definitely not lower) in general, but lower it when they are in cities governing. Having a governor costing 2000 per turn is rough. When in cities as governors, they have very little use for their extreme combat abilities, so I think half the upkeep or something while in cities/castles is reasonable. I don't know if the game allows something like that, but it would be neat. Also, adding something about the high bodyguard upkeep in the faction description might be good for newer players, too. (If there isn't already, didn't read it)