I think you are right.
I have been reading up on them myself.
The fez was a mark of service and not given up lightly. The number of stars, badges etc reflected service, rank and wounds etc. They were replaced by bustinas but the Askari and Libyan troops hated them.
I have now converted a figure to the Libyan Colonial troop type with the smaller fez with the blue tassel and it looks quite cool (IMO). Once painted I will post it.
I also found that the Libyan division had 512 mules and horses on its Orbat and only 9 trucks, so they were using these to drag infantry support weapons.
No additional transport was provided for the infantry component; the unit remained a foot-walking infantry that still employed animals for the infantry heavy weapons.
this is s quote from a website on the Italian command in North Africa.
The ORBAT shows LMGs and MMGs but no A/T guns but 65mm Mountain guns.
I will post some pics when I have more painted.
thanks
Bruce