I’m a believer in a UK scramble out of London on G1, if it will kill 3+ German planes.
Taranto can include the bomber from London and the fighter from Scotland.
Benefits: the goal is to kill 2/3 of Italy’s fleet (along with destroyer/transport at Malta).
Best case scenario: It costs italy/Germany both ships and lots of planes and UK still has 1 fighter, 1 tactical, 1 bomber left, possibly a ship or 2.
Worst case: Italy/Germany scrambles 3, the dice go poorly, but you still win but only have a bomber left.
If you do this (Taranto and scramble sz 110) U.S. buy will be 100% Atlantic for US 1-3. Though I believe it should be no matter what.
I’m a believer in any strategy that costs the Axis both their opportunities (Italy with no transports has few opportunities) AND costs the Axis their planes, especially early when the effects will linger through out the game for longer.
Also, if you’re able to get rid of Germany and Italy’s navies their only threats to US/UK naval power is their planes. If you ALSO killed half their planes on G1/UK1, they are both weaker attacks against your navy, meaning buying fewer carriers, for instance, but also they have to make a choice whether those planes should be over in Russia or back home in Germany.
If you’re really lucky, Italy will keep buying ships for UK to sink instead of helping against Russia, and Germany will have to spend a fortune replacing planes or just not have any to harass you on the Atlantic side.
Often, after Taranto, UK can keep Italy in check with existing units once they’ve gathered at Cairo, and a little help on the Atlantic side from the U.S. to reach Gibraltor/Morroco.