Munich 30 September 1938.
All the documents have been signed, Chamberlain and Daladier think that an agreement has been reached, Hitler try hard not to laugh, Mussolini claims to be the brilliant diplomat who managed to engineer a solution saving the Peace in Our Times.
(Benes is swearing seven kinds of hell, but who cares? he's in Prague).
The four (C,D,H and M) are shaking hands and posing for official photos.
Mussolini has an heart attack.
He realizes he's dying and, being the peacock he is, want to be remembered and respected as a great political man.
With his last dying breath he admonishes all to respect the pact that "he" was able to arrange, while fixing Hitler's eyes.
(he was a good actor and a good orator when he wanted to).
Then he dies.
Hitler is moved, since at the time he respected M very much and felt in debt with him for the anschluss affair.
Not that he has any intention of respecting Munich, but his plans have to be at least postponed, since:
1) all the affair went in front of a lot of newspapermen and the news will be the main article for the next month: there is simply no political space to go around it for a while.
2) next month he will be forced to attend to M funeral in Rome (and C and D will be as well), and he will have to praise his efforts for peace
3) if he want to have simpathies in right-wing groups (hungarians, etc), he cannot go at once in the opposite direction of the path suggested by "holy leader of fascism"D) with his last words.
Not that he has any intention to keep his word, but operations must be delayed a bit.
let's say spring 1940
(too late? too early? comment)
What the consequence of no-war-for-two-years?
(that means: germany get sudetenland, but does not occupies Czecho-Slovakia nor Poland: only diplomatical actions until spring 1940).
Would H be able to occupy prague in may 1940?
Would be wiser to move toward danzig?
How would the western/eastern powers react?
I believe the senario you lay out would actually help Germany.
1) If Hitler cannot go right for the rump state of Czechoslovakia, then his eye must turn to Danzig. He wants an alliance with the Polish miliary dictatorship against the USSR (Communism being his ultimate enemy and the Western Democracies just a side show). H is not going to war with Poland while the Czechs are still in his rear. So it would be a strong diplomatic push not military. H might get the corridor he wants; the argument about German population and traditional German territoy is strong. And if he does get the corridor, then an eventual German-Polish Anti-Communist allaince becomes a near certain.
2) Even if one accepts that the entire German economy is based on nothing more that gearing up for war, this is nothing to indicate that the war has to come by 1939. Most of the military agreed on a war start from 1944-1948. Any delay that allows the German miliarty more time to build up is good for them.
3) After Munich the Slovaks will begin thinking about independence even if H does not occupy the rest of the Czech nation. The Germans were decent enough at eastern Eruopean diplomacy; I think they could covertly stir up a strong Slovak independence movement.
4) After Munich, the Czech nation lies open to attack, the Sudeten defenses are gone. The Czechs ahve seen thier allies desert them. Who knows, depending on how things shake out, they may willingly fall into the Axis sphere.
Yes, I do think this would leave Germany in a much better position that OTL.