Here is my perspective on what happened:
First, _major_ blunder! I did not realize until nearly the end of the game that Piedmont could attack Tyrolia. No wonder it was so hard to invade Austria. I think this was one of the key reasons why I was unsuccessful.
Things I learned about playing Italy:
If attacking East: Tyrolia and Greece are Key. Without Tyr and Gr(?), Italy is pretty much on the defensive.
From that thought emerges another idea. I got fancy. Giving up the Ionian, for any reason, unless Italy is really really strong, seems rather idiotic. I realized this, but got desperate for an inroad to Austria. If only I had realized Piedmont...drat!
Oh well, please let me know your thoughts.
Also take into account that the Ru, Aus, Tur, alliance was unbreakable, and that I originally intended to ally with Aus, but that he _never_, throughout the entire game, ever responded to any of my numerous messages. Also note that I tried (albeit rather too late) to encourage an Eng, Fra, Ger, alliance. Germany sabotaged the reluctant alliance early on, so it pretty much failed.
So, one final question. Should an Italy looking east grab Tunis first (the guaranteed center), or should he go for Greece first (the secure attack position)?