One of the problems of Italy there was also the lack of resources: the Allies had a lot of everything (besides rubber), Germany had a lot of coal, iron and controlled the resources of occupied Europe. Italy had nothing: in Italy there aren't mines (there is coal only in Sardinia, but not enogh, and by 1943 the convoys to that island were under the threat of Allied airplanes and subs), oil fields or rubber. Another problem was food: Italy hadn't enough food for everyone. In 1945 the official daily ration was of about 900 calories: for comparison a PoW, according to Geneva convention, must have at least 1300 calories per day. So thousands of farmers didn't became soldiers, because their work was more important. Italy in WW1 (23 may 1915 / 4 nov 1918), thanks to food imported from America (expecially Argentina, Brazil and USA), mobilized 5,500,000 men, in WW2 (10 june 1940 / 8 sept. 1943) only 3,430,000. A lot of men were not mobilized also because of the lack of equipment.
Playing Italy, I'll enter WW2 after French defeat, then, I'll use my army only in North Africa, I'll forget Greece, even if I'll be forced to lost Italian Dodecanese (Greece was attacked also to have a safe connection with that colony, used as base for some looooong range bombings on Baharein and for recon planes that detected British convoys). I'll make a surprise attack on Alexandria and Gibraltar, and I'll attack Malta the first day of war, even if I'll lose half of my soldiers, I'll conquer it!

Then I'll try to conquest Egypt, and I'll make diversive attacks in Sudan from Italian East Africa. Once I've seized Suez (but here I'm dreaming: with Italian army and generals I'll never reach even Alexandria, but a bit of German help will be welcome

), I'll be glad to see Iraq and Iran become my allied (and probably even Turkey). A this point, if I'll still have East Africa, I'll conquer Sudan; if not, I'll go to Caucasus. But probably French North Africa will be occupied by USA and UK, so I'll stop near Suez, and send most of my army in Tunisia, hoping in God (and Germans)!

If in HoI I'll be able to make a pact with Germany so they'll send me more resources, my army will have better and more equipment, and probably I'll need only some German generals, if, as in true history, I'll not have resources, well, Germany will be forced to send a lot of men and weapons in N.A.!

(or I'll be defeated

)