can Israel become a Jewish state in the 1920s and be a meager player in the Mediterranean Sea by 1939?
The short answer is no way. One can debate the reasons why, but the UK, holder of the "Palestine Mandate" for the League of Nations, was NOT inclined to push things in the direction of a Jewish state in the 1920s -- and even less so in the 1930s -- despite the Balfour Declaration.
A Liberal or Labour government...
Such a proposal by a British government of any persuasion is extremely unlikely since it would have critically compromised British interests in the Middle East.
I think Dominion status deals with the concerns about strategic and economic interests there.
can Israel become a Jewish state in the 1920s and be a meager player in the Mediterranean Sea by 1939?
Simply, nope.
Not big enough number of Jews there in 1920.![]()