Well, Regia Marina drawn the first blood in the Adriatic and in the mediterrean as Alexandria seem already been hit (basically ITTL version of this:
https://en.wikipedia.org/wiki/Raid_on_Alexandria_(1941) ) and Malta will be hit very very soon...if not immediately.
Seem that the overall italian plan is to being snecky and hit hard, hit fast and not let the enemy get up as she is the clear underdog in this conflict...well at least it's a much more though and reasonable plan than OTL and frankly with the general italian strategic sitation is very sound as she can't hallow her enemies to regroup and strike back.
At least the other flank will be covered by the Marine Imperiale...even if after the (hopefull) success of the 10th, the French staff will request their use against the mother of all mediterrean objective aka Gibraltar.
Speaking of that zone of operation, the Balearic Islands will be a very important place for the Spanish war effort as bombers and ships can use the place to attack objective in South France and Italy.