Italy should take Gibraltar on I1, but stage for Egypt on I2 in Libya on her first turn.
Italy has a decision to make with the UK fleet outside the medd, which depends on what Germany will do or not finish. Other than that she should rid the medd of UK fleet on her first turn as far as naval moves go.
I think she has an outside chance to attack the Soviets on her first turn but this depends on what Germany does to take the pressure off any counter against her success against these targets.
with 10 IPC on I1, i would buy a transport or fighter because she has too many goods on the continent and she needs them quickly deployed in Africa, if Italy can do well in Africa it would deflect against her own insecurity in defending her mainland territories and force the fight away from Italy. So the most she can do to deplete UK IPC would be a much better idea than helping Germany attack the Soviets.