The next Stolypinian government is going to love your idea about settling Russian peasants in the Armenian highlands.
Well, the highlands are really bad for agriculture, with few exceptions such as the Erzurum valley. However, they are basically empty land and such land is difficult to come by. It took a genocide and the gradual invasion of a foreign power to empty the land. However, outside of the Highlands, in Anatolia and Sivas there is somewhat decent land for wheat cultivation.
but once the official treaty has been basically made null and void, Rome will insist as compensation to have Albania as protectorate with the 1913 border
Quite possibly. But as I see it, the southern mountains are of limited value to Italy and can be used as a bargaining chip to get concessions or support elsewhere. What is important is control of the Otranto Strait with Valona and its bay (Sazan included). Now I am pretty sure that the mistress of the seas, a certain Albion, is reluctant to see other naval powers controlling strategic choke points. Fiume and Trieste will control almost all the austrian trade and a significant part of the czech and hungarian trade. By turning the Adriatic into an italian lake, Rome gets valuable economic influence over the former AH states. It makes certain sense for the rest of the Great Powers not to give a big hinterland for Valona to Italy.
In OTL, even without an italian Valona, the Powers were very close to give south Albania/northern Epirus to Greece. Now they just have much more incentive.
It is not what Venizelos wants... It is what the Great Powers allow Venizelos to claim. Moreover, from what I get, is that it would have been difficult for the Italians to simply seize Valona, as it was part of an already established state- a state established as a compromise between the Powers. It is not the same with Fiume, spolia from the rotting corpse of the AH. If a unilateral action in Valona is unlikely, the fate of Albania will have to be the product of negotiations between Italy and the big ones. As always, it has to be the end result of compromises, as Italy doesn't have enough leverage over the other Naval Powers.
while they might be proportionally less industrialised by the 40's without Stalin's Five Year Plans they will still have more industrial capacity than OTL just because they are so much larger and more populous.
And Russia starts without an industrial base and infrastructure destroyed by the Civil War. Even without 5 Year Plans, I think the 1940 equivalent will have much more industrial capacity.
Here is a (rough) sketch of what Europe & the Middle-East would look like after the Paris Treaties.
If I may point to something that perplexes me, is the fate of Thrace. Turkey has kept the Catalca Forts around Constantinople. That makes the city indefensible and a hostage to Turkey. I think at the very least, Russia will keep everything up to the Catalca Line. The Russians may prefer a weak turkish presense in Thrace instead of a greek one, but I doubt they would value it over the security of Constantinople. If they get the Catalca line, then turkish Thrace becomes unsustainable - only if Greece doesn't get any part of the region at all and is thrown back to the Evros/ Maritza river, a potential turkish Thrace
might be sustainable.
Likewise, a turkish Thrace without Constantinople or Gallipoli is of no value to Turkey. While they can threaten the russian Constantinople, the turkish part of Thrace cannot be defended against Greece and is basically a hostage. Neither Turkey would want to give such a hostage, and Greece would prefer to get the turkish Thrace as it had much much more Greeks compared to other places. Britain on the other hand, would be afraid that Turkey will become a russian satelite, and would prefer the region to become greek.
Lastly, in all diplomatic conversations in OTL, the fate of the thracian plain was a zero sum game: either the Greeks or the Turks would get it. In this timeline, the question would be that either the Russians, Greeks or Turks would get to keep the whole thracian plain.
Overall and respectfully, I am under the impression that this arrangement is not optimal for almost everybody involved.