I'd prefer to begin c 1950 with the Free Officers. After dumping Farouk in '52, for the most part, don't adopt socialist policies. A relationship with the USSR is OK and so is nationalizing the canal and helping Algerian rebels--even at the risk of provoking Britain, France and Israel. But establish a MLR farther west than OTL, in the western defiles of Sinai not the frontier. And tell the troops holding some hotel in Port Said(?) to hold their fire so the British and French commanders will walk right in and be captured-it almost happened OTL and would've been a tremendous propaganda bonanza if it did.
After the three attacking countries withdraw, for the next decade, don't get bogged down in Yemen. Send only a few thousand troops and offer to withdraw them permanently in exchange for saudi cash and a promise not to back the muslim brotherhood. Hold training maneuvers in Sinai. Either don't provoke the '67 war but try to do two things before an eventual confrontation: Keep Egypt's population from rising above 25 million so the country doesn't have to import food, or waste a lot on subsidies, and establish ties with Ghadafy's Libya after his '69 coup. Agree to ghadafy's merger scheme to get full access to Libyan $$, but have Egyptian intelligence get rid of ghadafy and replace him with someone Cairo can control.
By 1970, invest in the best possible Soviet and (if possible) European weapons. Including TU-22s, and Jaguars if possible. Build shelters to protect them and other aircraft.