How early in the war? The Italians got their ass kicked in Egypt and in Greece. If the Wallies make peace they might demand any territory taken by the Italians to be given back, going back to original borders in North Africa.
So the best the Italians can do early in the war is Albania, most of Greece, East Africa, Dalmatia and whatever little they got of France(possibly Corsica eventually).
well in any case i see a white peace in North Africa, original borders. Its gonna be between operation sonneblume and the battle of Gazala. Neither side can claim ulitmate victory and a peace settlement will not give or lose Italy anything.