With only one inf built in London, as Germany, I might buy 4 TT, 2 subs, and a DD, the rest ground troops. I’m forcing London to move his stack up to 110, giving an un-Tarantoed Italy free reign of the Med. I can then use those transports against St. Pete and then back to 113 to keep a late sealion threat alive. If instead he moves his fleet to 98 and builds up troops to defend London, then spending money on that defeats his Mideast presence, especially with convoy disruptions and buying back from SBRs every turn. I would play it by ear and keep the sealion pressure up for cheap with an occasional TT buy until it was time to move all my luftwaffe east for the final Russia kill.
As Italy, I might just attack 92 after Germany’s above builds. I haven’t played out this scenario, but I might have a chance of sealion even if UK moves its battered fleet up to 110. If he builds all troops, probably not, but at least I get to dispatch his fleet using my sub fodder instead of sacrificing my planes in 92. If he builds up his navy to make a heroic stand, I could still take it out no problem if I use most of my luftwaffe, but I’d have to game out the possibility of also taking a defenseless London with minimal planes. I’d probably just attack 110 and set up for a sealion G4, which would be interesting - I’ve never seen one so late - but if it’s cheap enough, why not? Especially if I bought navy G1, and I have a BB and CV in that mix to boot, them I’d set up boots on the ground in Scotland G3 while killing off the HMS/RAF.
Alternatively, as Italy I might take Egypt I1. It’s sitting there wide open for me. I might be sacrificing my whole navy and TTs to do it, but if I’m going to be otherwise boxed up in 97 anyways, so what? Especially if you like to use Italy for can opening/defense. It prevents the UK fleets from joining up. UK will take it back, but then I can retake it with my stack from Tobruk now in Alexandria. By the time UK is able to regain control of Egypt to allow its Pac fleet in, there’ll be no Med fleet left to join, since that’ll be crippled by the UK’s attack on me in 97 and finished off by either me or Germany. But more importantly, it forces UK to choose between Egypt and London, and it’s unlikely he’ll choose Egypt, giving me early control of the Med and even passage through Suez I3 if I’m so inclined.
You’ve caught on to one of the principals of this game, which is to stage yourself in such a position so as to project power by the mere threat of multiple options. But there’s a corollary: you may forced to choose one of those options. If you set up to either protect London or create a Med presence, I’m going to force you to do one of those; I won’t allow both. Against an inexperienced Axis, your strategy is appealing. It denies Italy all his NOs. It offers the ability to take Turkey R5 with a regular supply chain, stalling a significant part of the Bundeswehr in Romania. It also lets you follow up that pressure with a 3 TT drop anywhere in the Med, including Rome. Against a competent Axis, though, it really just gives the Med to Italy or London to Germany.