If italy get Dalmatia and some token colony like the northern part of Tanganika and her overlordship on Albania and she get treated on pair like other great power I think you can butterfly away most of the fascist propaganda, but nevertheless you can't simply make disappear the dear state of Italian economy after WW1 and the HUGE social unrest among farmers, veteran and factory workers. Without mussolini and a sense of accomplishment for the the sacrifice of the great war i think you can butterfly away the transition from the fascist movement to a aparty. Probably Italy will have huge reds revolt but unlikely the "marcia su Roma" (fascist coupe) the king will authorize the police to shoot and crush the insurrection. Than you'll probably have a fragile republic on pair on the German one, who is going to suffer revolt in dalmatia and maybe a war with the kingdom of Yugoslavia or what is created in the balkan, the Croats are not gonna be pleased with the occupation of almost all thier coast . You are going to see something similar to the Lateran pacts and the catholic tradition can probably stabilize the political situation. The 29 is going to ben fun as hell, honestly I don't have the slightest idea on what situation is going to be, the reds as tradition are going to be presents and probably strong, a nationalist movment is probably going to be present but i think the social and the economic issues are going to be predominant, because essentially we won the war and obteined what we wanted even if we paid a dear price. So I tend to think that a socialist or comunist revolution are more probable than a black one. And a civil war like the one in Spain is somethig absolutely not to exclude. Industrial red north vs catholic and conservative south. Ethiopia campaign is a nono.