I think a lot of it depends on what Germany does on its first turn. For example, one of the players in my group leaves the fleet in 110 alone, instead preferring to put 2 subs on the DD and transport in 106, and 2 subs on the C in 91. In that case I’m a big fan of a move I say Ike use: hit the Italian DD and transport off of Malta with planes, merge the UK fleets from 110 and 98 into 92, except keep the DD from 98 in 94 to block the Italians from attacking the fleet.
Now the UK has a nice little fleet parked off of Gibraltar, which cannot be touched by the Italians. By the time Germany goes, France will have added a C to the fleet, essentially adding a fodder ship. Even if you assume Germany kept both subs in 91, they still cannot realistically attack that fleet because odds are they only have two bombers that can reach.
Long way of saying it’s not really possible to know what to do with the Italian ships unless you see what Germany did first.