Anschluss is almost certainly going to happen; it was too popular an idea on both sides of the border, and I would think that a traditional conservative Germany would be even more appeased by the Western Allies than the Nazis were, just because they would be less odd and worrying.
I could even see the Red Baron finishing off Czechoslovakia after taking the Sudetenland; Czechia has plenty of industrial resources like the Skoda Works to tempt the Germans, and without the Sudetenland there is pretty much nothing the Czechs could do to stop a determined German invasion. Poland probably would take priority though, as I would think a nationist regime would want to regain territories lost by the Second Reich before pursuing pan-German projects. A war with the Western Allies is probably inevitable as well, unless the French could somehow be convinced to cede Alsace-Lorraine without a fight (Probably ASB). Eupen-Malmedy, North Schleiswig, and Memel are probably also sought after, but I doubt the Germans would risk a major conflict over those fairly small and unimportant bits of land.
Is a restoration of the Kaiser in the cards at some point? As I recall Hindenburg was in favor of this, as were many other members of the military establishment.
I'd sooner expect such a Germany to fight the Danes (over Schleswig), or Belgians (over Eupen and Malmedy) than the French (over A-L).