Question- When you revoke the privilege, do you just start refusing to RM your vassals?

I playing what I hope will be a One Faith run as Austria. I've revoke the privilege and have my enormous vassal swarm.

But- there 113 members of the HRE, who are constantly seeking a RM, which means my legitimacy is shot. I originally was accepting them all- I'm currently way ahead in Mil tech and getting 18 per month, so I figured after accepting that first wave I'd just strengthen government.

Except, it's not one wave, it's six or 7 every month.

How do others handle this?

Btw- on a somewhat related note, what happens if I change to a theocracy?