This is true, however they did allow the Ottomans to take some territory in 1897 (strategic forts more than anything else).Historically the Powers never allowed the Ottomans to regain territories once lost before the Second Balkan War, no matter how well they did in the field (Greco-Turkish War of 1897 is a recent example).
And from everything i have read of the Italo-Turkish War, the compromise was that of like that of Egypt, or Bosnia, but if the Ottomans managed to bring a military success, they would enforce status quo. Grey apparently told the British Admiralty to ready in case the Italians did not wish for status quo if the ottomans won militarily after Shar Al-Shatt otl.
They should, really. However, otl the ottomans never returned fire. Since they have ittl, the italians did become more cautious, losing several ships to land defenses and land artillery, that was used by the Turks to push through. Remember, they bombarded Tobruk and Tripoli the whole night. That would scare most of the lighter ships with longer range right away.Also, the entire Italian admiralty should be court-martialled, since historically it was the threat of naval gunfire that kept the Ottoman forces away from cities seized by Italy.