Historically, the Axis lost air superiority over Malta and were unable to regain it just ten days after the plan was approved. Even with additional aircraft (as I believe some were diverted away) it is difficult to see them regaining it, given the ability to fly more Spitfires in and the efficiency of the Malta ground crews. So the invasion would never happen.
If we assume that they do retain air superiority (U-boat in the right place at the right time?), then things get more interesting.
Particularly for the airborne troops, who are getting slaughtered. The paratroopers were supposed to drop on the southern heights, which is reasonably doable, with the expectation of alarmingly high casualty rates from jumping into a rock garden. But rather that than the fate awaiting the glider troops. You can't land a glider on Malta without running straight into a stone wall, unless you land on an airfield. If you do, and the runway hasn't been cut by mines, you can then expect the 24 25-pdrs on the island to plaster you, thereby handily blocking the airfield from further landings.
So the main role of the airborne troops will be to give the British artillery targets as the naval landing goes in. This actually has a reasonable chance of succeeding, as there's a lot of attackers and little chance of resupply for the defenders. The artillery can suppress the landing sites and create delay, but numbers and time may well tell.