Until Münich Czechoslovakia had an alliance with Romania and Yugoslavia, called the Little Entente. The alliance was turned against Germany and Hungary, who had ideas about gaining lost territories.
Alone and with Germany also including Austria the CS's can only hope for miracles. I understand why they acted like they did, let down by the entire world (I'll cry with you Gladi - the Danish government asked London in 1939 if help could be expected in case of German aggression, and the answer was no).
With Austria neutral, the CS's would have a fair chance, even if alone, to be "too expensive" for the Germans. If supported by the Romanians and Yugoslavians it begins to look funny, and if the Poles had been more wise in their diplomacy and sided too, I actually think Germany in 1938 better think of something else. The four powers could combined field more than 100 Divisions, or about the same as Germany in 1938. In airforces they combinded had close to 2000 planes vs. 2500 German, and the quality difference wasn't as big as later (no Bf 109E yet).
Regards
Steffen Redbeard