This works better in the Global game because the ships that begin off the coast of India aren’t going to be there in the Europe only game. As mentioned in this thread Italy could also take either or both of the territories required to use the Suez Canal. And remember in the rules that if Italy took either T-J or Egypt, and you manage to control both territories on your 2nd turn, and Italy does not take either of those territories, ships cannot pass through the canal until your 3rd turn because canals are only usable if they were friendly at the beginning of your turn, not at the non-combat phase.
It could work, and you would be able to add a destroyer (that starts the game in SZ 71) and a few extra fighters to your attacking force but an Italy player will be able to send a ship as a blocker if they see it coming (like their destroyer). A drawback is you’re giving Italy at best 1 turn, and at worst 3 turns, to use the ships that begin the game in 97 to do things in the Mediterranean. Allowing the Italian Navy to mass their ships is not as bad as Moltke suggests because the UK still needs to attack SZ 96 (I would suggest using the cruiser at 91 if it is there on your first turn, and the fighter in Gibraltar), and Italy needs to be attacking the French ships that begin the game in 93 and they might take 1-2 losses while doing so. But for your SZ 96 attack on Turn 1, if the destroyer lands a hit, take the loss for the cruiser and not the fighter. Not only is Italy in a better position to get the NO for no Allied surface ships in the Med, but the fighter that went to attack SZ 96 from Gibraltar could be used again for when you do finally go and attack the Italian Navy.