I few thoughts for your consideration on Italy. Since a G1 sacrifices killing the UK navy in sz 110 for killing Russian infantry, you are generally not making any naval builds with Germany or Italy because you are usually just too weak to accomplish much with them and they distract from the land/air build up you need. With that in mind I would not scramble against Taranto, and on I1 I would use the remaining navy plus the air force to clean out Sz 97 (forget the French fleet) this conserves the German air force for more important battles later. On the German side I like using two subs to take out the cruiser in sz 91, but the COW opening attack on sz109 has merit as well (plus the usual attacks on sz 106 and 111). Sending a sub to sz 125 to block lend lease for a turn is also worth considering since using it in the sz 111 battle probably just preserves the German battleship with one hit, which the French cruiser and plane will kill on F1.
Your thoughts on North Africa are dead on. I would use your remaining transport to start shuttling troops back to Europe (with the tank in the first load). This is another reason I like taking out the UK cruiser in sz 91on G1 and using the Italian navy to clean out sz 97 on I1.
Be sure to send your two tanks east on turn one for can openers in Russia.
Set up to take Yugo (which should be weakened by the G2 strafe I mentioned in my first post) and Greece on I2 (using your air force and the troops you are shuttling back from Africa). This should give Italy enough production to defend itself and Greece (a UK landing there can a royal pain with the German army deep in Russia)
If the US shows up with a large invasion force in sz91/Gibraltar and there are no fighters on Gibraltar, the Italian bomber can strat bomb the naval base and keep the US out of range of Italy, West Germany, Denmark and Norway for a turn. Very situational, but can be very helpful in the right circumstance.
Good Luck tomorrow