But Germany’s air can help give italy cover.
Instead of hitting both z110 and z111, Germany might choose to go for just z110 and sink the French fleet and Yugoslavia. Look at the med if Germany hits z106, z91, z93, z110 and puts off sinking the z111 crowd til G2 (with 3 subs, cruiser, carrier, planes). It almost forces UK to do Taranto. z92 is no safe spot without the French fleet and not enough blockers to prevent a landing in Transjordan. If they hit Taranto the Germans will scramble to save the Italian planes, then Italy counterattacks and might just get NOs for no allied ships in the med and South France/Greece/Gibraltar on the very first turn.
The key to this approach is a G1 build of 1 carrier, 2 subs, save $2. Don’t use artillery in yugoslavia. Earn $68 and you will have $70 in hand to build 10 transports if sealion looks good after taranto.