I often use View Only, because I like up to date tournament results. I make sure there is one league from every continent on view only (if there isn't one selected), do that all of the champions leagues are in the game. Also means international games stay better for longer.
But then I also make sure all current international players are in the DB, all players from top divisions, then I choose some countries I particularly want to keep all the players of (Australia etc). I'd rather the game go a little show and have a fully accurate database
In FM11 can you give certain countries/leagues/continents players to be included in-game or do you need to use an edt file. I can't remember.