I recall that the Italian position in Eritrea and Somalia began as a few meager concessions, and that the Italian government was induced to expand those concessions into colonial ventures by the British. I do not think that was wise of Italy to do. Rather, if Italy had kept its one concession port in Eritrea, and perhaps one in Somalia, they would have satisfied the logistical needs for their merchant traffic through the Red Sea. Italy could have pursued more of a fraternal relationship with Ethiopia, as a leading investor in the development of the country. In general, I think the quest for empire is foolish and self defeating, and in this instance staying uninvolved would have been much more profitable.
I think Italy can take Libya, and Tunisia quickly. I think it can harness the population who emigrated to America as settlers to develop these African countries into Italian colonies. Because of the difficulty of this task, it would require that Italy avoid costly wars. Britain will want to undue this checkpoint against their Transmediterranean shipping. So Italy would want to maintain good terms with Germany as a means of securing resources if Britain became antagonistic. France will be covetous of Tunisia, so the alliance with Germany would be doubly important, and thus Germany's well being will be an imperative.
The Ottoman's still have control of Albania, which poses a threat to Italy, because they may want revenge for taking away Libya and Tunisia. The popular sentiment in Italy wants to take Albania, but that is a fruitless endeavor for Italy and it would also antagonize Austria-Hungary. Such a move would be inopportune when Italy still wants for Trento and Trieste, and Austria-Hungary has not yet sufficiently weakened from it's ethnic divisions. Bulgaria came close to eliminating Turkey's position but such a large Bulgaria rankled Austria-Hungary.
Italy could conspire:
to create an Albanian nation-state;
to expand the Greek nation-state from Constantinople through Macedonia to Epirus, over the Dodecanese and Crete and Cyprus, as well as across Ionia;
to end the Turkish Empire by removing them from Europe so as to constrain the Turkish state to an Anatolian rump kingdom;
to emburden Russia with a small oblast on a strip of the Anatolian coast from the Bosporus to the Dardanelles, as well as Armenian and Assyrian Mandates; and
to emburden Britain with a northwest Syrian Mandate (Amurru?) and a Mandate over Palestine with Sinai.