my point is the UK wont be able to bring both of its mediteranian fleets to bear on Italy at the same time because they are to dispersed. by UK 2 the Italian navy might be a target, but it might be near egypt by then and out of range of the gibraltar fleet.
It will be a game of cat and mouse in the med, well 2 small cats and one big rat.
Italys fleet will be able to crush EITHER the Egypt fleet, or the Gibraltar fleet. But not both without more support. With that knowledge, the UK player will keep his 2 smaller (smaller than the italian fleet) fleets out of range of the Italain fleet, but in doing so will be out of range to attack the Italian fleet in unison with both of his fleets.
UK 1 BB, 1 CA, 1 DD Egypt SZ + 1 AC, 1 CA, 1 DD Gibraltar SZ + 1 DD Malta SZ (associated land based air units)
Italy 2 BB, 2 CA, 2-3 DD, 1 SS Southern Italy SZ (associated land based air units)