This does sound like a good plan. I have one question though, how would the Italian fleet be taken on the first round. I would say that even if the british moved all their ships into the seazone containing the french fleet, there would still be a high probability of victory for the Italians.
Battleship, cruiser x2, destroyer, and two fighters making a 4,3,3,3,3,2.
vs.
Cruiser x3, Destroyer, Carrier, fighter, tac. Bomber. making a 4,3,3,3,3,2,2
These odds are definitely against the Italians. However. The English and french can not attack the fleet and are there for useless in the Mediterranean seeing as if the english attacked the would loose a cruiser and destroyer, and the french wouldn’t even dream of attacking. So strategically, the Italians may not have the Med. sea. but if they have protected transports, and cairo the plan will work to the same effect giving an duel axis front on russia which can be potent seeing as the caucuses are almost always unprotected. This is usually just to divert much needed forces off the german front. or if neglected than a push into Stalingrad.