Now going back to the OP question, much depends on when. The window is too wide; 1922 isn't 1939.
Probably the best time for Italy would be 1934. At that time, Mussolini was feeling quite bellicose, but he had not squandered huge sums, manpower and materials in Spain and above all in Ethiopia. Yugoslavia wasn't particularly strong, either.
Even so, while obviously Yugoslavia can't win and probably can't hold an access to the sea, it's entirely possible the logistically weak and not particularly well motivated Regio Esercito gets stalemated some good long way from Belgrade. At which point, France and others are likely to weigh in, not necessarily with an actual DoW on Rome, but with a credible threat of that.
Hopefully Mussolini will be satisfied with gaining border regions, both in the North and along the Albanian border. Not much actual usefulness, of course, and plenty of restless populations to oppress; but then again, he'd be in such a war for prestige. The Serbians might be happy to unload the Slovenians and part of the Croatians, possibly, but not with losing all seaports; and one hopes the Italians aren't stupid enough to advance too far into Kosovo.