This can be solved by editing config.xml to replace the toolset and android-cordova versions. This works as long as you create a new project.
Follow these steps:
Go to File > New > Project > Blank App (Apache Cordova)
Open config.xml in View Code mode and find this:
<vs:toolsetVersion>6.3.1</vs:toolsetVersion>
<engine name="android" spec="5.2.1" />
Replace with:
<vs:toolsetVersion>7.1.0</vs:toolsetVersion>
<engine name="android" spec="6.3.0" />
Where 7.1.0 is your globally installed Cordova version.
Select Device as target.
Now Build > Build Solution
Save, close and reload the project. When you access config.xml in designer mode you'll see Global Cordova 7.1.0 as the selected toolset.
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In order to build you may need to use the external Android SDK Build Tools (API 26) instead of the ones provided by Visual Studio (API 25).
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Use the Android SDK Manager to manage versions, no need to get Android Studio for this.
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Remember to follow the guidelines from Microsoft when changing the CLI on existing projects. However I strongly recommend creating a new one and then importing your files and adding your plugins to avoid potential problems.