Excellent premise. Worthy of more research and a book and it does appear the Confederate administration could have made better use of its meager resources, obtained begrudgingly from the States.

In fairness to President Davis, he was inaugurated at the beginning of the greatest war of attrition in the 19th Century. He faced highly improbable odds of success against an opponent with a huge advantage of resources. Without the benefit of hindsight, who WOULD have done a better job? Much, much easier to find fault than to give him credit for his proven correct decisions (e.g. handing over the ANV to General Lee).