Greece is not happy about Macedonian independence and there is now no place within the time line that they enter an alliance with Italy. Same for Albania, though this may be possible in the future through events.
The plan for Italy: Mussolini fails in 1922 and tries again in 1926. This time a small scale gunfight breaks out in the capital. Mussolini is wounded along with several other conspirators, some of whom were killed. Mussolini among others are arrested and the government cracks down hard on supposed radical parties. The monarchy seems solidified in place for the time being. The National Fascist Party continues to operate underground, sometimes working within the black market and the mafia. Popular opinion is increasingly nationalist and to the right as the years pass, and Benito Mussolini is released from prison by the order of the King in October of 1930.
Mussolini was again the leader of the National Fascist Party. Italy seemed to be doing well at the moment as a constitutional monarchy. Popular support for the fascists dipped some in 1926-1931 but as the depression hit the economy hard there was a revived interest in radical socialist and nationalist ideas. In 1932 the King and his ministers lifted the restrictions on political parties. The Fascists steadily regained popularity and influence within government.
By 1935 the National Fascist Party held the majority support of an increasingly worrisome population. Vittorio Emmanuele III and Benito Mussolini met in Rome with a joint political committee. After an dire assessment of communist influence worldwide, the two right-wing leaders did not trust a system of democratic reform. Instead, an agreement was made where certain powers would be shared between Mussolini as Head of Government and the King with a lighter set of responsibilities and privileges--but still retaining significant involvement in political and foreign matters. In January 1936 the new Constitution of Italy and the dual leadership system is working well so far. It is up to the player to decide whether more radical fascist ideas are to be implemented as time goes on or will a nostalgia for the monarchy grow?