The issue CWL has for the future of Flybe is the same one as there is for SOU and EXT in that they are trying to get rid of the E195's as quickly as possible. A couple of Q400's would be more suitable for all of the routes except FAO (MXP is a bit of a stretch but it is doable).
Even if the routes are profitable on the E195's that is not going to change Flybe's stance (The SOU/EXT 'sun' routes have been going for around 12 years now so they must make some money on them!), as I believe one of the key reasons behind the decision was the fact that they are on very unfavourable leasing deals, to the point where Flybe could lease A319's for less (so I've been told).
Using Q400's would however allow them to operate the remaining routes at higher frequencies, making them more appealing to business travellers, and they could also experiment with a few regional French routes in between and at weekends.
Vueling have a rapidly growing base in Rome, so a 2/3 weekly flight there in the summer wouldn't be a far fetched suggestion.