Yes, the Lepanto sucks. The basic premise of the Lepanto is that if
- Turkey doesn't move to Aeg in F1901, and
- Turkey doesn't move to Eas in S1902, and
- Turkey doesn't move to Syr in F1902, and
then you have a good shot at gaining a second center past Tunis in 1903. Of course, you still need Austria to cut Con for you, and by that time he owns Greece and Bul (and maybe Rum if he's lucky) and has a beautiful opportunity to grab Trieste from you. Those units in Eas and Syr start looking pretty hopeless.
In the current meta-game, the Lepanto is considered the standard Italian plan, up to a point that moving Rom-Apu is often interpreted by Turkey as an aggressive move towards him. The chance that Turkey doesn't see the Lepanto coming is zero. And if he does bounce you out of Eas, there is a significant chance you'll never see a 5th center at all.
Yes, you can use the Lepanto to stab Austria, but why stab him in 1902, when he's got 5 units, and the juggernaut has stabilised if you can also do it in 1901? You can end the turn with 5 units, Turkey/Russia still in confusion over the Black Sea, and Austria at a huge disadvantage.
In my opinion, the best opening for Italy is Rom-Apu, Nap-Ion and Ven-Tri (with or without Austria's consent). In fact, I don't think there are any other options that even come close. I intend to write a longer essay about the qualities of this opening when I get around to it. I'm surprised it isn't played more often.