Yes, there is. That was pretty easy....
Italy: Fleet Piedmont SUPPORT Fleet Gulf of Lyon.
Italy: Fleet Gulf of Lyon HOLD.
Italy: Fleet Western Mediterranean HOLD.
Italy: Fleet North Africa SUPPORT Fleet Western Mediterranean.
But what if Italy has an army in Piedmont instead of a fleet (as shown above)? Can he still hold the line using a more "active" approach? Can he cut all of the potential supports into the Western Mediterranean and the Gulf of Lyon?