I would use the trn to engage Persia. Could be done with Indian trn, but India needs as many units as it can.
I think reinforcing SZ92 is a bridge too far. Normal game, there is no Home fleet to defend so SZ92 makes sense. Here, we want to save the ships we have. So need ftrs in UK. 3-4 to be safe.
Actually, since he didn’t land in Holland Belgium, France can be useful and take that territory so the German ftrs can’t land without buying a CV. Buying 2 will still be a 1-99 battle against 4 ftrs + ships. I would consider it a win for the Allies if Germany spent on 3+ CVs this early in the game. BTW (3 CV is only 33-67% battle)
Italy could try to defend with tank + ftrs. In which, case I would still attack with France and trade junk for high value units that won’t end up on Eastern Front.
All this to say, I still believe Taranto is best option. We will have dominance in the S. Med, which is the goal of the first part of the game. You have to lose the CV or accept a 70-30 battle (assuming scramble). You could send 2 ftrs from UK, but if I was Italy I would not scramble and then the CV has to come anyway, unless he rolls 2 hits (16+% chance, 1 round combat)