@Arthur:
I started playing through the strategy with a relative standard UK move in the Med area: a successful Taranto sunk the SZ97 fleet with the loss of a cruiser (about average). Ethiopia also fell on UK1, with the help of a transport from India along with a cruiser bombard. Net cost: 1 infantry.
Italy responded with the proposed I1 move, succeeding with a lucky Greece attack but failing badly in Yugo with the very weak amount of forces sent in there. Tunisia fell with no casualties. At the end of turn 1, Italy collected 7 PUs. Convoy raids cost 5. This leads them with too little money to buy that planned I2 factory in Greece.
By turn 2, I have the following Allied forces in Egypt: 7 inf + 1 mech + 3 art + tank + tac + 2 fighter + bomber
If Italy attacks on I2, there still will be 9 units left in Egypt. Building an Allied airbase in Egypt also wrecks the plan. Now on to Germany: you will likely to have lost 4 planes during the first couple of rounds of attacks. That leaves you with 9 German planes. I also only see one transport that can reach Egypt on G3. There is a good chance that you could take the territory IF you are willing to sacrifice your entire German air force to achieve the goal.
Delay the attack by another round and the Uk forces in Egypt will grow much bigger with additional fighters flown in and ground troops transported over. You aren’t taking it unless you devote almost nothing into the Russia campaign. I don’t think that is a wise plan since you also have to deal with America who can build mostly transports because Germany sacrificed too many planes.
Perhaps you can explore the details of building an aircraft carrier on G1, bringing it into the Med by G3, and then launching attacks of opportunity starting on G4. If you can keep the Med clear, you get an Axis bonus, can deny UK a bonus, and prevent those pesky convoy raids against Rome.
I indeed start to like the aircraft carrier buy on G1. I think I will change the G1 buy to
G1: 1 Aircraft Carrier, 1 Bomber
I hope that it will give a strong Sea Lion signal to UK, building defensively, not scrambling and not doing taranto attack. However I will not place fighters on it, as they would be useless anyway against Morocco. Maybe this invites a UK1 attack on S112 (as also the wounded Bismarck is there), maybe the UK fleet gathers in S109. In G2 I can attack that fleet with my fleet + bombers (1 battleship, 1 cruiser, 1 carrier, 3 bombers) starting to convoy the UK while the bombers can still participate on a Egypt G3 strike and that transport still takes Morocco in G2.
To make the other attacks a bit safer, I will only get 1 fighter to Tobruk or Rome, likely Tobruk as the Carrier + destroyed Cruiser will likely influence the UK player to do not do Taranto.
This changes my attacks a bit
S110 = 1 sub, 3 fighters, 3 tactical bombers, 1 bomber
S111 = 1 sub, 1 battleship, 1 tactical, 1 fighter, 1 bomber
S106 = 1 sub
S91 = 2 subs
Italy
Greece (2 Infantry, Tank, Bomber, Fighter)
Alexandria (Tank, 1 Artillery, 3 Infantry)
Tunesia (1 Mech, 1 Artillery, 1 Infantry)
Gibraltar with 1 transport and destroyer (1 Tank, 1 Inf)
Yugo still with 2 Art and 2 Inf, after German strafe this should be enough
French with 1 Cruiser, 1 Fighter, 1 Sub
However with my Taranto fleet alive I have 2 transports, 1 Battleship, 2 Cruisers, 1 Destroyer and 1 Sub and lots of options.
The big benefit from the 2 subs attacking the Cruiser is that if the UK still did Taranto and has its fleet in S97, the surviving subs can act as fodder. Or it forces the UK destroyer to hunt them down and be in S91, where I also want to be in my G2.