I find Italy a bit of a head scratcher, because the simplest openings are anti-Austria, but that seems a dangerous approach in the longer term for Italy. I dislike the anti-France approach simply because you have to totally abandon your centers to do it and Austria almost inevitably walks into them.
That leaves various Lepanto variants, for which Italy often seems under rewarded and difficult to defend against a compact Austria

Thoughts?

I don't think I have a favourite Italian opening. Whilst the Lepanto is the most reliable, Italy is reliant on the press.

Crusher? Also, I'd notice that gunboat and press seem to be radically different for Italy. I suppose if you signal a Lepanto, a halfway decent Austrian will recognize it for what it is.

I find Italy extremly hard to play. You get Tunis and that was it. Attacking Austria usually ends up in desaster if you play with good players. If you ruin Austria's game it will turn on you in revenge and drag you with down. On the other side - once Austria has size and you co-operate often enough Austria has the chance to stab you. That is because you need almost all units you got to bring up an attack with good chances of success. Regardless if you head west versus France or east versus Turkey. You usually need patience - but if you manage to either occupy Spa/Por or Smy you are basically un-eliminateable.

The anti-French and Lepantos never seem to work. The French is foolish because France is almost never interested in picking a fight with Italy until late in the game. Lepanto doesn't work because you can never really trust Austria. The only option is the Obriani.

IT/RUS/TUR against Austria, or IT/RUS/AUS against Turkey. Either one is good, if you can get it. The sneak into Tyrolia and points north is always fun and sometimes has spectacular results, but it has a low probability of success, depending on who the other players are.

Sometimes a sneak into a French center, just to change things up.

Probably the safest is to protect yourself against Austria while setting up to take Tunis. Sometimes you get Greece that way….

Love the pass-through of Austria in theory, but practically speaking it's very dangerous and doesn't often happen. You'd have to know that the Austrian player is capable of taking it and running with it. All openings are highly player-dependent.

The Key: Nap-Ion, Rom-Apu and Ven-Tri. I would play this no matter whether Austria agrees to a Key. In fact, it is strongest as a semi-stab; just go there, and explain Austria you want to play a Key. Once you're in Trieste, it's an offer he cannot refuse. In fall 1901, you can either decide to stick with Austria and play a Key (or some variant thereof), or you can stab him by convoying Apu to Alb or Gre. If you coordinate with Turkey, you can make sure Austria doesn't get any builds in 1901.

This opening is almost strictly better than any other common Italian opening. Austria leaves Trieste open so often that moving to Tyrolia has become rather pointless. And if you are going to play a Lepanto, why not play with 5 units to Austria's 4, instead of the other way around?

I like the Bohemian Crusher set (Rom -> Ven -> Tyl, Ven -> Tyl -> Boh, fleet grabs Tun, build A Ven), but bas has the right idea I think.