I'm certain-sure he'd roar into Ethiopia just to avenge 1896, but I doubt he'd go much further. As mowque said, the Italian army of the time wasn't really up to massive conquest sprees like the Wehrmacht which is why I believe he'd sit WWII out just like his successor Balbo. I also happen to think he'd do the same post-D-Day declaration of war once it became clear Hitler was on the ropes - again like Balbo, he'd want Italy to be on the UN's Security Council when the shooting stopped so as to help differentiate Fascism from National Socialism.