Very interesting ideas. I will go through them all, trying to determine the best one.
But let me first clarify the scenario, since some of you may have misunderstood. It is Spring 1901, before any moves are made. So you do not yet know that Italy is going for Piedmont. All you know is that he's your eternal enemy. Perhaps he's moving Rom-Tus, Ven Holds, Nap-Tyr.
@ora: That sounds already quite desperate. If I were Germany, and I knew you were going to leave Burgundy open like that, I would have a hard time resisting the temptation. The plan of "sacrificing everything to Italy" fails when Germany is in Burgundy, and asks Italy for support to Marseilles. Plus, moving to Burgundy increases my (Gemany's) chances of getting Belgium.
@pithon: I think it would be hard. if Italy commits to fight France, a juggernaut may form, and Austria will have his own problems.
@gigantor: that's exactly the problem. But what would your solution be?
@Putin/uclabb, both are very viable options. But you seem to disagree on who the best ally would be. Is it Germany or England. I think the choice should be determined not be who can aid you the most, but who has the least reason to stab you. I like the Par-Gas opening. It's versatile, and relatively risk-free.
@Patoralan, my initial idea was pretty much along your lines. However, if Russia is opening North, Germany and England have good reason to ally. Moreover, since you are busy fighting Italy, a EG alliance would look very good. But I completely agree that Turkey is your best friend.