From your description of the Allied strategies, Cornwallis, it looks like the weak point in the Allied defense is the land war in Africa. Britain is not attacking Tobruk, not attacking Ethiopia, not buying a turn 1 Egypt factory, not buying any ships or mechs for South Africa turn 1, and attacking Iran (!) on round 1, which will cost a couple of casualties…which means that you now outnumber them in the African theater, at least for the first couple of turns. And it sounds like America is not building enough of an Atlantic fleet to be able to help with Africa anytime soon.
So, if the Taranto raid went relatively well for Italy (it usually should, with no Allied bid), then build the Italian fleet back up and take Egypt.
If you got unlucky, you can still take Egypt, but with air power instead of sea power. Fly the entire Italian air force to Tobruk, march your Ethiopian forces north through Sudan, buy a fighter on Italy’s first turn and a strategic bomber on Italy’s second turn, and beat the stuffing out of Egypt. Keep buying Italian planes, and reinforce them with a Japanese task force of roughly 1 loaded carrier, 1 destroyer, and 1 sub. The combined pressure should force the British fleet out of the Red Sea area and allow your Italian Egyptian factory to crank out enough units to secure the region and start pushing toward Persia and South Africa, even if the Italian fleet is down.