It would have been costly but doable. Acceptable losses. Remember, the "staggering" casualties taken by Fallschirmjäger and other troops that assaulted Crete were only high in relation to those lost in Poland and France. They were nothing to compared to what happened during Barbarossa, let alone the winter of 41-42 and subsequent years. By the time the operation to take Malta was set to occur, spring '42, Germany would have been willing to lose numerous divisions to achieve a legit operational victory.
And ALL of Malta is rocky. Landing on Rocks with paratroopers, not good,
In April to june 1941 , 221 Hurricanes were sent to Malta, the vast majority arriving. This was during the German air offensive, ( I surprised just how many were sent)
Club Run - Wikipedia