I agree with EdiBirsan: Fleet Rome makes Italy much more susceptible to an early death via attack from Austria, France, Germany, or some combination thereof.
Perhaps a better alternative would be making the Italian home supply centers Venice, Apulia, and Rome-Naples (combined to form one province). With an army in Venice and fleets in both Apulia and Rome-Naples, Italy would have the flexibility to attack Austria in 1901 (F APU-ADR), to fully defend against an Austro-French attack (A VEN-TRI, F APU-ADR, F ROMNAP-ION), or to even set up defensively for a Lepanto-style attack on Turkey (F APU-VEN, A VEN-ROMNAP, F ROMNAP-ION).
That alternative was something I just pulled out of my arse so go ahead and rip it apart if you like :)