I just flew from FCO today. I am assuming you would be booking these as two separate tickets. I would not risk this itinerary. You might be able to do this IF and only if everything goes smoothly with Delta. If anything goes wrong - a significant delay or, perish the thought, a flight change - you will end up having to buy a new Ryanair ticket - neither airline will take responsibility for your delay.
FCO is a very large airport with two terminals. They seem to be doing some sort of construction that affects some of the walking routes through and between the terminals. This is what you would need to do:
Delta will arrive in the international area of Terminal 3. If you are near the front of the aircraft, you will disembark quickly. Otherwise it could take some time. There’s a bit of a walk to a tram that takes you to passport control. Passport control went very quickly for me - but it could be different if more planes arrive at the same time. You then will be able to leave that general area and find your way to Terminal 1 to check in to your Ryanair flight - only a few minutes if you don’t get lost on the way. Check in, security (the Fast Track Lane didn’t seem much different from the regular lane this morning, but it couldn’t hurt), then another walk to get to the Ryanair gates (not sure exactly where they are, or how far.)
As I said, this is possible, but with a lot of possible pitfalls. Is there a later flight you could book?
I flew NYC-FCO on Delta yesterday and chose to spend a night at a nearby hotel before flying out on a separate ITA ticket to Palermo this morning. To me the slightly higher cost was worth it - less stress, a shower and a decent night’s sleep - not to mention the fabulous Italian dinner I treated myself to!