Well my friend from Puerto Rico..speaks fluent spanish..and says he can talk to an italian speaking guy no problem. I think they are highly latin based languages.
Learning more then one language will be a very trying task. And no-doubt at times you will feel like your brain has liquefied.
Das cool! I'm thinking of learning Italian as well...u-u
The cognates are definitely one thing that makes Italian easier than Japanese :) Just watch out for those false ones, though...x-x