Also agree that a Russian defeat at Tsushima would change a lot of things.
With the loss of influence in Asia, it is very likely that Pan-Slavism became the new direction of the Russian diplomacy and thus that its interests collides with the ones of Austria-Hungary making the league of the 3 emperor very fragile.
As we all know the Weltpolitik of Wilhelm was the main trigger leading to the creation of the Entente. I can easily see the British making a few concessions in Persia and central Asia in order to make Russia join the Entente. With the difference of size in economy, population, army + the blockade, there is no way that the Central Power could do anything. Germany didn't even manage to knock out France alone in the first year leading to a horrific grinding campaign of 3 years, imagine the same thing with Russia in its back.
Now ofc if Russia was to become hostile to Germany, I would assume that the Kaiser as much as he likes his navy would give priority to the army rather than the navy.