Here's the thing. Italy can play the wait and see game, but it *has* to wait and see in order to do so. That means keeping both of your armies at home in 1901 -- no convoying to Tunisia, that commits you against France or Turkey, and no moving them out of Italy, that commits you against France or Austria -- grabbing your F Nap build from Tunisia, and waiting until after S02 to pick a target. Italy can get away with it provided that Austria is above the moron class of players and doesn't blitz him in 1901 (if so, kiss surviving goodbye, pop a beer and enjoy the Juggernaut-induced schadenfreude). This provides an enormous advantage to Italy, because it gets the chance to see the strategic position on the board, the alliances, etc. before it commits, something no other power can really afford to do. This is because Italy alone is never the initial target of a gang up attack.
That said, an aggressive opening against Austria *can* work -- but you have to play your cards VERY carefully. I would lean toward opening to Tyrolia (almost never blocked) and then supporting myself into Trieste (rarely blocked), and seeing what the diplomatic situation looks like. If you suspect a Juggernaut or EF, then a 2-fleet Rom/Nap build is the best sign of peace you can possibly make; if you're going to continue, F Ven/A Rom is a pretty slick set of builds, because you can support yourself to Vienna and put units in ADS/Ven to recapture Trieste in A02.