This isn't an answer per se, but a bit too long for a comment:
You might also want to make all your citations italicized on the LaTeX level, not in your org code, since then you wouldn't violate the DRY principle. One way to do it could be like this:
\let\originalcite=\cite
\def\cite#1{\emph{\cite#1}}
This, however, breaks with optional parameter to \cite (which may be fixed with a suitable \newcommand). Maybe a better solution (though admittedly a bit dirty-hackish) could be
\usepackage{etoolbox}
\pretocmd{\cite}{\emph\bgroup}{}{}
\apptocmd{\cite}{\egroup}{}{}
This solution should work irrespective of whether you use things like amsrefs or not. If, however, you don't modify the LaTeX2e's \cite command (by \usepackageing \amsrefs, for instance), this is probably the simplest and best way:
\makeatletter
\def\@cite#1#2{\emph{[{#1\if@tempswa , #2\fi}]}}
\makeatother
However, I have to admit that I do not understand the point of your question: why on earth would anyone want to italicize \cites? And even if you do, this would probably be the way:
\makeatletter
\def\@cite#1#2{[\emph{{#1\if@tempswa , #2\fi}}]}
\makeatother
since it is very bad style to italicize brackets (and I am sure people with access to English version of Bringurst's book could give you a reference for this claim;)). And if you italicize this, you might also want to italicize entries in bibliography as well.
And while we're at it, seemingly no-one pointed you to biblatex (which is superior to old bibtex) or amsrefs (which is better than bibtex, though probably weaker, but easier to start using than biblatex) yet. So check them out!