Plus: Italy as an immediate staging post for the Allies into the soft underbelly of southern Europe.
Negative: Italian military and organizational incompetence.
What if ethopia makes a deal to keep Il Duce quiet. Give half of the kingdom to Italy in exchange for alliance against the reich
What? Why would Ethiopia give up half its land for an alliance with a country they hate and against a country they are no where near.
With world's Great Powers agaisn't them they would have a choice to opt for peace treaty that forgoes half of their territory, or opt for war which they would lose. In OTL they counted on League of Nations intervening on their behalf. Here they would have to act without such illusions.