War in the Abyssinia Crisis leaves Italy isolated

What if the Abyssinia Crisis had led to war between Italy and Britain?

Italy would face an unfavorable and isolated war because Germany was not yet ready to intervene.

The timing of the Abyssinia Crisis is the decisive feature of the counterfactual. Germany was not ready to enter a war in support of Italy. Britain could therefore confront the Regia Marina without the later Axis balance already in place. Italy would be isolated and badly overmatched in an early war.