My last game I did Taranto with the British, purposely saving all aircraft and landing them in Malta (knew the Germans would take out the remains of my fleet - even left a good carrier there). Also took out the Italian Transport next to Malta and Ethiopia. On turn 1 I bought 6 Inf, 1 Fighter for London.
Turn 2, built a UK IC in Egypt, landed all my UK fighters in range and transported whatever troops in Africa that could reach to Egypt. Also landed the French Fighter in Africa.
Turn 3, built an airbase, aircraft carrier, fighter, and 1 infantry in Egypt- and moved my Indian fleet thru the canal.
Whala! I have 3 fighters scramble support with 2 DD(1 french), 1 Cruiser, 1 CV, 2 fighters defending that SZ. If the germans come, they will take a beating on their airforce! With little Navy, Italy cannot be a threat for a while.
I actually like the move personally.