The Second Moroccan Crisis is before the Italo-Turkish War. Either Italy does not start the war or they expand an alternate Italo-Turkish War with... Yemen? I don't know what else they could possibly get besides Libya and Dodecanese.
Italy really made its push for Libya (and got the Great Power thumbs-up) due to demanding compensation for the change in the status quo in North Africa following the French aqusition of Morocco. In this circumstances, and the fact they desired Tunis more, I think its far more likely they honor their alliance with the Germans and Austrians with hopes of gaining Tunisia and Djibouti from France in order to have those two more economically and strategically valuble "chokepoint" colonies as opposed to the Libyan sandbox.
I suppose Britain is still joining considering the Germans will force its path true Belgium. I don't know if Italy will join Berlin and Vienna. It may be the same OTL. But... the Balkan Wars are avoided. Or at least delayed. What does Serbia do? Support Russia? Or stay neutral?
The Balkans will be interesting, that's for sure. For one, the Bosnian issue is still alot rawer in terms of humilation to Belgrade, but Serbia would also have to divide her attention between the North and smoldering tensions in Alabnia and Macedonia. King Karl also still have a few good years left in him in Romania, which moderates somewhat leaning towards the Entente, and since they don't yet of Southern Dobruja they would be a checking force on Bulgaria who are in talks to align with Serbia. I think the question is Conrad uses the likely tensions to get an excuse to launch his prevenative war on Serbia. If he does, Italy would naturally invoke the terms of the alliance to remand that she be compensated for any change in the Balkan status quo, which (not wanting to give up her own territory), Vienna would likely grant by agreeing to sing off to Italian intervention/gains in Albania. This would draw the Ottomans into the Entente via an "The enemy of my enemies", which would keep the Straits open to commerce if you can push back the Italian navy from the centeral Med.