You can definitely convert French to Italian threading, to quote Leonard Zinn:
"Italian thread is 36mm X 24tpi (36mm diameter, 24 threads per inch), and since 36mm is a millimeter larger than your 35mm French shell, you could tap it out to that size and put a 1mm spacer on either side to deal with the 70mm shell width for which Italian bottom brackets are designed. "
You can definitely convert French to Italian threading, to quote Leonard Zinn:
"Italian thread is 36mm X 24tpi (36mm diameter, 24 threads per inch), and since 36mm is a millimeter larger than your 35mm French shell, you could tap it out to that size and put a 1mm spacer on either side to deal with the 70mm shell width for which Italian bottom brackets are designed. "
Sheldon has a good article on French bikes:
http://www.sheldonbrown.com/velos.html