Chiang was getting sort of fascist before the Sino-Japanese War, and during it. He wrote a book about how the Chinese people had a destiny to dominate Asia. Err. Lead its people in benevolent harmony. Yes.
So was Franco too. If he maintains an anti SU rhetoric enough ( while in private being not so against them ) he will be left alone.
The US could ( and would ) look to the other side if the dictatorship was pro-US ...
And I rather think the start will be harsh, very harsh. But by today KMT´s China would be a ( a bit less centralized ) massive economy, and the biggest and ( depend on the child policy ) the most populated democracy in the world.
And probably the Cold War would end faster ... or not, wounded tigers are dangerous and SU will be even more scared that in OTL.
EDIT: Chiang was not as big an idiot as Hitler, he would settle for economical domination.