My main objection: Russia, even the expanded USSR has no border with England. So the only way to get Russian soldiers to help with the invasion is to ship them through Germany first. That alone would make any German general too nervous to even consider the option. Plus: In the aftermath you would have an England that is partially under Soviet control. A nice second front when later on you would invade Russia, as everyone knew they would eventually do.
If Germany and the USSR would team up to invade and partition any country other then Poland, I would see them move into Iran, Iraq and the middle East before I can even think of moving into England.