Two possible solutions present themselves:
1) Use the Player-led Peace Conference mod, and take what you want when they capitulate.
2) Use the Order 66 method. There's a guy on Youtube named Taureor who uses this in his videos a lot. The basic gist is: get military access to Italy. Move most of your army onto all of the VPs in Italy. Leave a few units behind to capitulate Albania. Declare on Albania and go to war. Your units in Italy should claim the VPs they are standing on, which should be enough to cause a near-immediate capitulation of Italy. Alternatively, surround Rome and starve out the rest of the Italian army. Do not justify/declare on Italy directly, as doing so will teleport your armies back to your capitol as soon as war starts. You have to declare on Albania for the exploit to work.