I approach the game from a completely different philosophical viewpoint. The game is suppose to be about what if's. And what if's should not be dependent upon what actually happened in real life. Nations should not have inherent advantages over others in the creation and manufacture of models -- meaning if two nations spend the same amount of research slots and the same amount of combat experience to develop a model, then they should both get a model that is roughly equivalent -- with maybe minor differences based upon the design company. Basically, the general model categories for each nation's tech tree should be identical. That is a feature not a bug.
Historically, Germany made some very good tanks and Italy and Japan fought in death traps. The solution to that is not to make Italy's models inherently weaker, but rather balance other game factors (such as research capacity, industrial capacity, resources, accumulation of combat experience, etc.) so that most likely Italy is fighting with an obsolete tank model or an unimproved model when other nations are using highly improved variants. So, if your player controlled Italy decides to deviate from history and sacrifice in other areas (such as its navy) and put as much emphasis (research, industry and combat experience) into developing a heavy battle tank, it should end up with a tank that is roughly equivalent to a Tiger I even though no such vehicle exists in history.
To delve deeper into the Germany / Italy comparison, the level II heavy tank for Germany is the Tiger I and for Italy it is the P.40/26. Now, those two tanks are not even remotely comparable. The Tiger is a Tiger, and the P.40/26 is an Italian T-34 knock off. If you were to accomplish your goal and give these tanks their historical stats, Italy would be at a severe disadvantage. Italy would have to expend all the research, industry and resources necessary to produce a Tiger but get the performance of a mediocre medium tank.
A better project would be to rework the nations' tech trees so that each nation's model in the same slot are relatively equal. Paradox put the P.40/26 into the Tiger slot, because P stands for Pessant or heavy. But it's not a Tiger equivalent and should not be in the same slot. It might belong in the same slot as the Pz.IV, M4, ot T-34, because although it might be a heavy in the Regio Esercito, in any other army it would be a medium. Now, there are a lot of reasons why Italy never developed a heavy tank, but if it really wanted to and sufficiently prioritized such a project, I'm sure it could have. It had a 90mm gun every bit as good as the German 8.8cm gun and it built battleships for chissakes. I'm sure it could manage a 50 ton tank. So, an Italian Tiger equivalent model should be a figment of a game designer's imagination like an SP.41/50.
Tl;dr -- don't try to give models historical stats, rework the tech trees so that the equivalent models in the tech trees are relatively equivalent.