Consider scrambling in 110 to kill two German planes (if the Bismarck is on 111). Killing German planes is huge because it reduces the multi-pronged threat that the Luftwaffe becomes.
Then again losing 3 fighters vs 2 of germany does not help the allies out that much. Also i would do this combat first as germany and if i got your whole airforce and if i whiped it all out i might actualy not strafe the 111 combat and take out all the UK air round 1.
since i normaly send 2 subs vs the cruiser off gibraltar italy is in a good spot.
Now taranto will be interesting with 1 dest-1cruiser-1AC 1 fighter 1 tactical 1 bomber vs my cruiser-battleship-3fighters, and the malta battle will be figher vs destroyer also not great odds.
And italy having 2-3 transports round 1 is a lot more painfull then germany having 2 fighters extra.
It’s a gamble for sure, All depends on the bid in the med. If Taranto works then Germany could be down another plane.
And if you send 2 subs against the cruiser then 110 could turn to be disastrous for the Axis.