I've been thinking about much the same thing
@Concord , afterall I was one of said grumblers about tanks only counting as 4-5 men. I feel that armour is such a key component in CM games that keeping track of them is worth the book-keeping time, especially as the player should be able to give an immediate number of his surviving armour upon completion of a battle.
Perhaps each side could receive a set number of replacement vehicles every five turns or so, to be distributed as the CO deems fit.
Regarding the imbalance of forces, the breakdowns for battles are thus: Assault 2:1 (not popular for obvious reasons), ME 1:1 (unrealistic, but popular), and Attacks 100 vs 65-70% (reasonably popular, reasonably equal).
So how can we come to this sort of balance in such a campaign, my answer, reinforcements: Upon an attack being decided, the defender may call in a neighboring unit to assist him, assuming all units involved are at 100% strength this would bring the forces to parity (2:2), however, the attacker may also call in one neighboring unit as reinforcement, now the forces are at (3:2), which gives the defender 60% strength of the attacking forces. Not quite as good as 65-70%, but a lot better than 50%.
I am not suggesting this be implimented in the current campaign, but perhaps food for thought for future campaigns.