I tried that once, on the second-hard difficult setting, 4 opponents, strongest magic node effects and medium land-size (hate the opponents to have too many cities, slows game-turns down). It is safe enough as long as you start on Myrror. I chose a city with a good bonus, preferably 1 adamantium + 1 gold / jewel mine in it's radius, and being on water shore is great as well for those nations that can build merchant's guild (requires two ship buildings before can be built). All you have to do is to plunder few easiest lairs around you with the two starter units, then position them in the city for the case of attack of neutral city or plundering monsters. And from the first round on comstruct buildings, build them all.
When I have them all up to wizards tower (therefore already have alchemists's guild) I start to build the best units (while dismissing the starting ones), one or two each for city defense and to plunder harder lairs, for example with High Elves - 1-2 Elvenlords (the ones with piercing attack like Paladins), 2 Longbowshooters (with adamantium they're good killers) and 1-2 Magicians. After they're built I set the city to produce gold through converting build-strength (the hammers) for gold (with all of the gold-bonus increasing buildings that gives a nice boost) and set up a second town.
With the units I plunder the more advanced lairs and preferably at least one magic node if there's one nearby and reachable, and meanwhile study spells up to be able to create artifact and summon a champion, not hero. He either joins the "elite army" or waits in town until the best, most powerful artifacts for him are created. When he has them all he can try himself on all but the hardest lairs/nodes, gains levels through experience unless he was cast Chaos Channels / Black Channels upon (then he doesn't get exp from battles), gathers fame that decreases the gold-cost of units and most important - conquers the magic nodes and spell-books/mana-increasing retorts (save-reload until you have what you want). With each node more in my possession I grow in power rapidly so already soon the enemy wizards are not a threat anymore, unless one of them was lucky and managed to rise high in power while I was trying the same. But even then there're no real problems anymore, it's just a question of some time and lots of fun before he's eradicated, my meanwhile powerful champion will quickly decrease his army and number of his cities, and weak he's not a threat.
All you actually will have to do from then on is to study spells up to Spell of Mastery, cast that spell and win. The AI is quite weak so there's not much challenge anyway, but on the difficulty-level Impossible it's quite difficult while doesn't really increase fun.
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