That's what I was thinking. Germany's goal would be to reverse the losses of Versailles: Alsace-Loraine, Sudetenland, parts of Belgium and maybe the Polish Corridor. Since the establishment of Poland was a reversal of the 18th century partitioning, they would probably honor divisions along linguistic lines in the Slavic regions. As for the UK, getting colonies back might be an issue, but the conflict would be very different from OTL WW2.
Henry Ashby Turner has argued that with a non-Nazi conservative/authoritarian/military government Germany might get involved in a war with Poland but not in a
world war. I once summarized his arguments (from
Hitler's Thirty Days to Power) as follows:
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...(2) There very likely would have been another war, but only with Poland. The generals had no great desire for Alsace-Lorraine--the Alsatians and Lorrainers had from their viewpoint made very poor Germans from 1871 to 1918. Nor were the generals much interested in Austria and the Sudetenland. Finally, they did not dream of Lebensraum in the East and did not harbor hostility to the USSR. In fact, they had been working with the Soviet military for years to circumvent the disarmament clauses of the Versailles Treaty.
(3) With respect to Poland, things were different. The generals, like most other Germans, did want the Corridor back, and the Poles were unlikely to yield on this. So a German-Polish war was likely. But it is doubtful that this would have been a *world* war. A great deal of prior provocation on Hitler's part was necessary to have Britain and France issue guarantees to Poland. By holding on to limited demands (which it could justify on grounds of self-determination, especially for Danzig and much of the Corridor), Germany could probably avoid British or French intervention. Soviet intervention would be avoided, as in OTL, by giving the USSR eastern Poland (or if you prefer, western Ukraine and western Belorussia). But in order to avoid western intervention, the Germans would allow a Polish state to remain (shorn of some territories, such as the Corridor). Essentially, everyone would be satisfied with the results except the Poles--and even they of course would fare much better than in OTL.
(4) As mentioned, he doesn't think a triumphant Germany would turn on the Soviet Union. He doesn't devote much attention to the other possibility--the USSR invading Germany--but this seems unlikely. This would involve military conflict not only with Germany but potentially with Britain and France as well (which in this TL enjoy reasonably good relations with Germany).
(5) Without a war in Europe, Turner also doesn't think there would be a Pacific War. China was not sufficient to cause such a war. It was only after Hitler had defeated the Dutch and French, greatly weakened the British, and forced the USSR to concentrate its troops in Europe that Japan became sufficiently emboldened to strike against the Western powers, including the United States...
https://www.alternatehistory.com/fo...s-over-in-193ps-germany.413448/#post-14516643