I think it depends on if you mean fascism or Fascism, if that makes any sense.
Could Israel be a militaristic corporatist dictatorship? I don't see why not, given the right circumstances.
Would it ever call itself Fascist? Almost certainly not, due to the association with the Axis powers.
How to make it the first one (small f fascism) I am not too sure. Early Israel had a strong socialist element, so you would have to deal with that. I would say make Israel a US client in the cold war earlier. The USSR supported Israel early on. If you limit the Kibbutzs (sp?) and other socialist movements, the Soviets might be more staunchly anti-zionist.
I don't know much about internal Israeli politics. Broadly speaking, would it be fair to say it is more right-wing now than it was in the early years?