well, italy runnign wild is EASILY made up by the fact that germany made 70+ ipcs worth of transports that will hardly do anything to help him vs russia besides threatening Novgorod.
With US entering the war soon, italy will be beaten, you would just need to conserve your afircan forces and try to slow down or contain italian advances. You dont need to hold egypt, you just need to prevent him from getting too much more. Usually of germany tries to sealion, Japan does not bother you on J2 to prvent US from entering earlier. The extra money you wil collect from controling your stuff in the pacific can be used to make stuff than can reinforce persia. Eventually when germany is going full bore on russia, you can just leave a strong garrison on uk and start wearing italy down and investing your money into africa/persia from the europe side.
