A couple of problems with that idea. First off, you're still allowing foreign law to dictate a US citizen's status. Second, Italy doesn't share its list of who has applied for an Italian passport with the US government anymnore than the US informs Italy of everyone who has applied for a US passport. There's no mechanism by which the US would ever know. The only US law is that persons holding a US passport must use that passport to enter and leave the US. Once at their destination, and at any other point in their travels prior to reentering the US, they can use any passport.
Second, I believe Italy has to follow the same rules as the other E.U. countries!!!