Well, let the money-wrenches fly.

Having a active Scandinavia presents some very threatening strategic possibilities depending on where they land power block wise. I don't see (nor really want) them landing with us. Them going at it alone and poking the Lion with a stick is just stupid, and nothing I cant handle on my own. Where it gets complicated for me is if they fall in with Russia, Germany, or god forbid France and those who hide behind her skirts. Should they do that, my ability to maintain a superior battleline in the North Sea and the trade zones I need to around the Isles gets thrown out the window overnight if I try and keep a active force in the Med at the same time. Depending on how things go when war comes to the North Sea, I may have to just leave a token force of some old cruisers in the Med and rocket the rest of my force back to reinforce the Home Fleet. Further points, questions, and/or comments?

you are more or less Accurate.  I dont see per landing them landing with Russia, but Germany or France are very realistic posibilities.  Personaly I think germany is the more likley of the 2 but should it be france, more weight will fall on me to hold the med (with Frances Global comitments odds are I will still have the most powerful force in the med)

I can rough up Russia and keep her occupied in the Far East.  In the Near East possibly subsidizing an Ottoman advance against Russia in Armenia might work to distract her a little as well.  France and allies will be severely distracted by Japanese cruisers and amphibious landings in and around their colonies in the Pacific.  The upcoming Japanese Army and Navy maneuvers will include an amphibious assault (which will be totally botched and end horribly to the point where a sane nation would give up, but, being Japanese, they will persevere). 

I also think that Austria is being a little too quiet.  Sharing borders with Russia and Germany, plus Italia and the Ottomans, one would expect her to be making an alliance or two...
I don't know if the RN or RM are planning any sort of a "two power" (or "one power", etc) standard in the Med. 

What the Royal Navy plans for the Med is keeping a force there sufficient to defend its assets, and also have the period equivalent of a hotline to the Royal Italian Navy to say, "Your job now, we need our ships at home" in more diplomatic terms.