(Btw, in one of my games i annexed Southern Italy as Republican Spain)
Tired of waiting for HoiIV? Check out Fox And Lion Battalions - An Hoi3 TFH Mod. A full featured mod with many new unit types playable as any nation but with extra emphasis on Italy. A brand new version was uploaded on December 1, 2014 with regiment and battalion sized units. Build historically accurate divisions with different unit types and more brigade slots.
Jolly good AAR! Hope you will continue.