The details of the Hoare-Laval Plan aren't leaked to the French Press, the plan is implemented and the Stresa Front as an UK-France-Italy alliance survives. Objectively speaking, Mussolini has no reason to love Hitler and his pan-germanist attitude, as he has a German minority in Sudtirol - keeping Germany out of there is in his interest, as is preventing the Anschluss. So Austria is the most likely flashpoint in a confrontation - when Hitler demands Anschluss, Schuschnigg replies with holding a referendum and Mussolini - rather than keeping quiet - supports that, informing that aggressive action against Austria will be met with Italian resistance. Now that might give Hitler food for thought. 4 options:
1) He presses for the anschluss and Italy stays quiet regardless of Duce's calls
2) He presses for the anschluss and Italy moves into Austria triggering war. France and the UK might step in.
3) Hitler waits, the referendum takes place and the Austrians vote against a union, preserving the peace (for the time being)
4) Hitler waits, the referendum takes place and the Austrians vote for a union, giving us an OTL result.
No. 4 is most likely in my opinion. But obviously that victory would not satisfy Hitler, and it is likely that it might trigger faster formation of an anti-German alliance, uniting the Stresa Front with the Little Entente and the Warsaw Accord. Next flashpoint is the Sudetenland of course, and with Italy in its side, France might just be more willing to protect the Czechs, giving us a Fall Grun scenarion, with Italians opening a front in the south, possibly demanding a carte blanche in Albania, or even being given Tunisia.