Would this have seen as threat enough to lessen Versailles - as the Entente would see a strong Germany as bulwark against Communism?
That was a close enough thing OTL, there was a German proposal during the disarmament conference that would allow the Wehrmacht to abolish the Versailles limitations (with the explicit agreement to match the pace of disarmament with the rest of the signatories, albeit with a starting pool set up so that the Wehrmacht could be expanded into a significant force first). OTL, the proposal actually got the approval of the representatives of Italy and the USA, with the British being willing to consider it, provided France agreed.
The French were in the middle of an election cycle at the time, though, and several opposition politicians in Germany sent messages that any future German government might be willing to accede to the disarmament treaty without such demands. The French eventually ignored the request and the Germans went away, defeated. The following, 1932, election did put a new government in power, but not a friendly one.
Of course, a more aggressive Soviet Union might stop this entire debate, but the will was there for the most part (except with France).