Could a campaign work without capital ships?

Could a campaign succeed without building battleships or battlecruisers?

Possibly, by relying heavily on large-gunned heavy cruisers; the United States offers a more forgiving test case than France.

Large numbers of heavy cruisers could provide the fighting power and tonnage needed for invasions. Large-gunned cruisers have already shown that several hulls can overwhelm one battleship inside the game's combat system. The United States is a more workable choice for the experiment because its geographic separation offers time and space to build the necessary cruiser force. France's existing campaign difficulties would turn the same restriction into a much harsher double handicap.