I seriously can't believe you just likened Israel fighting Hisbullah in Lebanon with Britain trying to reclaim Egypt.
Anyway, it is quite good of you to bring that idea up, though, as we do have a real-life example of something like that happening during the Suez Crisis in 1956.
In that conflict Egypt nationalized the Suez Canal Company.
Israel, Britain and France secretly agreed that Israel would attack Egypt along the length of the canal. After a short period of fighting between Israel and Egypt, Britain and France would call for a ceasefire and demand both parties to retreat from the canal, at which point French and British troups would invade the area around the canal.
Now in this case, contrary to what you supposed, the US intervened and threatened Britain with heavy financial sanctions (Eisenhower threatened to sell the United States reserves of the British pound, thereby inducing a terrible collapse of the British currency), the same cease-fire was forced by the US on France and Israel (its three major allies).
Some historians say that this conflict marked the beginning of the downfall of the British empire.
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As for nature of this "alliance", I sincerely believe Israel isn't limited with US's influence over their science treaties or other forms of engagement with other countries. They are allies, not rivals.
Sorry, but you are incorrect, the aid is earmarked for use in the U.S. defence contractor market. That is a well-known fact. It is the US that helted Israel when it wanted to create its own jet. Israel began working on the Lavi fighter jet in 1980, initially with US support. However Israel was eventually forced to end the project (they had already advanced quite far in the production and already had a few working prototype ) when the US discontinued its funding, out of fear that the Lavi would compete in the export market with the F-16C/D and the F/A-18C/D.
You are a smart person, I am certain you understand that an alliance can also be quite restrictive.