It, obviously, depends on what goes on with the UK Navy, and outcomes from battle. I tend to try to get Italy to keep the US out of the med at all costs. This usually involves placing as many men in gibralter and then planes (in my games, Italy spend a disproportionate amount of money on planes, sub, and destroyers. As ong as the med is clear, you don’t have to worry too much (a bit though) about transports getting taken out. The germans can also add planes if they can spare them. It works alright, because the German Navy can hit anything sitting in the seazone outside of Gibralter. COnsequently, there are possibilities of both Ital and Germany hitting the US if they are unprepared, and causing huge damage to their navy (usually because they can’t take hits on their carriers because the planes can’t land anywhere (try to tkae Morrocco as weell). That being said, if the UK have transports and can take Gibralter, this all fails miserably and you can’t do nothing bu build men to try to hold Rome.
Of course, a big enough US force will smash Gibralter, so you need to balance the risk of losing your airforce on Gibralter and the oportunity ot wipe out one full load of US men). You have about four rounds to get, hopefully, 8 men and three planes to Gibralter. I often like to send a German tranny into the med by round three, so it is good if they take Morroco, and leave Gibralter to the Italians.
Definately don’t let the Suez fall into UK hands.
After that, I just try to make sure I hold Cairo (two men per turn seems to keep the mech and armor from SA at bay).
Then, whatever spare men I have, I send to Paris to help counter attack.
Obviously, this assume Italy is makeing about 20 IPC or more per turn. This happens in about 50% of my games.