the key lepanto, like the regular lepanto, is almost always sniffed out and can be defended by turkey.
Personally, if you want a crazy italy/aus opening, I'd suggest the 4 fleet or 4 army opening.
4 fleet == italy. Move ven-tri, austria allows it, then aus reclaims tri with a 2-on-1, italy disbands, and with that disband + tunis, builds 2 fleets.
4 army = aus. The opposite, basically. Tri-ven allowed by italy, italy pops, with pop + serbia, build 2 armies.
Italy with an extra fleet, or austria with an extra army (and the alliance between the two countries) can be huge early game...