Italy will need german help to be some kind of a pain in the a**
The problem is Germany do not have access to the med……
If Germany take Southern France and put a minor ic, it can help Italy to survive in the med and maybe land some afrika korps in africa.
Let Italy take Paris is a good point, very good but its only a balancing issue in the pact of steel, i mean Italy will be ok to survive and fight, but Germany will suffer from this. Maybe its not critical for germany but…you know what i mean.
Anyway, Italy is a big boy, without navy, Italy is still a pain, with lets say : Yougoslavia, Greece, southern France and maybe Bulgaria ( if germany has no plan to put a ic there) Italy can protect Europe and put a expeditionary force into russia to kill some ruskies and find a way for the german army to press the attack.
I know that the States are some really big troubles comin in, but if you let go Germany and Japan, focusing on Italy, you will loose some prescious time getting them to theirs knees.
Its my opinion