I do not usually do Taranto and instead converge the UK navy in sz 92 after round 1. This navy usually consists of the CV, 1 destroyer and 2 Cruisers. During round 2, this navy then meets up with the destroyer that starts off South Africa and the destroyer & Cruiser that start off India in sz 93. If Japan does not delcare war R1 this means the BB is still alive parked just off Ethiopia.
Now most of the time I need this navy to clear the Italian navy but lets say they leave sz 97. Then I might have to use the RAF to kill the Italians. This would leave the UK with 2-3 destroyers, 2-3 Cruisers, 1 BB and one CR. If a MIC was purchased for Persia R2 then I have been tempted to buy a another CR to add to this fleet. This gives a very respectable fleet that if it does nothing else could just park off India. This would make an amphibious assault on India after R5 or R6 very costly and it is unlikely India falls early with out some amphibious assault.
Obviously there are a lot of if’s in this plan but I have played many games where I have had 3 destroyers, 3 cruisers, 1 BB and 1 CR off sz 93 by R4. I usually use this fleet to then protect the US invasion force but I have often thought about bringing it to the Pacific. It is just that the 21 air units Japan starts with scare the shit out me so I have never done it.