Weimar Germany: Wilhelm Marx wins in 1925- effects on the German foreign policy and rearmament?

The permise is simple. Let's say that Hindenburg refuse to participate in 1925 German reichsprasident election and his main OTL contender, Wilhelm Marx beats a less popular candidate. OTL, it seems that Marx was comitted to guarding the Weimar republic and thus we may seen more restrictive policy towards the NSDAP, KPD and other anti-Weimar radicals.
On the other hand, without Hindenburg the Heer is going to be much more frustrated, which may turn anti-Weimar revanchism into a Baath-like officers movement plotting a revolution against the republican government while the legal anti-Weimar radicalism would have been outlawed. Overall, i suspect Marx's presidency weaken the rearmament which may make Germany much weaker militarly.
But am I right? What do you think guys? How would the European order alter compared to OTL without the Hindenburg presidency? Would a proper "Baathist"-style revolution occur after the Great Depression?
 
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