Could an Italian squadron have reached the Pacific war?

If atomic weapons had not been used against Japan and the Pacific war had continued, an Italian squadron might have joined the Allied effort. Allied need for the Italian Navy could have changed how Italy's wartime role was remembered and influenced the Paris peace treaties. Any deployment would bring additional supply and logistics costs. Those costs might have been accepted if the Allies needed to sustain a blockade and support troops ashore during an invasion of Japan.