The Brits could no longer pull off the Falklands war. Utterly not possible. No fixed wing carrier aircraft operations for 15 years. No long range strategic bombers, and the Navy is a bare shadow of the one in the early 80s.
There are 1000 brit troops stationed in the Falklands with prepared defenses and ammo stockpiles.
The Argies could take the islands but they’d have horrific casualties.
I looked them up and it does appear that Italy has a more formidable navy if you discount the nuclear submarines. Certainly they are more powerful conventionally.