According to Tank Encyclopedia, by 1938 the Czechs had around 800 armored vehicles. Around 140 light tanks, 298 medium tanks, and 110 armored cars.
http://www.tanks-encyclopedia.com/ww2/czech/ww2_Czech_Tanks.php
The Panzer III ausf A-D all had between 5-16 mm or armor, but they all had the 37 mm cannon
http://www.tanks-encyclopedia.com/ww2/nazi_germany/Panzer_III.php
The Lt 35 had between 8-35 mm of armor and a 37 mm cannon
http://www.tanks-encyclopedia.com/ww2/czech/Skoda_CKD_LT-Vz-35.php
The Lt 35 and the Panzer III are a match for each other. The Panzer II also has a chance, because even though a Czech tank can knock out the Panzer II in one shot, the Panzer II's 20 mm cannon can still punch parts of the Czech tanks. And the Panzer II's cannon was also an autocannon, meaning that the Panzer II commander could fire more shots than his Czech counterpart.
Another thing too is that the Lt 38 never saw service with the Czech army. They ordered 150 of the prototype, but none were delivered before OTL German occupation in March of '39. My TL has the Germans attack on October 1st, 1938.
http://www.tanks-encyclopedia.com/ww2/nazi_germany/Panzer-38T.php