This would require a fundamentally different Alexander than the one that existed historically. Alexander didn't conquer for territory or resources or material considerations, but for the sake of glory. To have his name be remembered forever. This is why he was reported to be angry with his father's conquest of Greece because it looked like he would be denied the glory of the conquest himself. Alexander didn't care about the glory of the lands he conquered except in so far as they burnished his own glory. If Alexander was overawed by the wonder of Egypt it wouldn't stop his conquests only drive them on as it meant that there was more glory to be won.
The considerations you bring up are important historical background, but alternate history wise, I think changing the mind of one person, is one of the easiest PODs there is to justify. It's not like he'd suddenly become humble, he'd just have a new idea of megalomania focused on one place, with empire-style glory being obvious with the Pyramids.
That said, perhaps if Alexander became obsessed with Egypt specifically, that could be paired with a conquest of Carthage and/or Arabia scenario, and maybe some operations up the Nile, if he's trying to shore that up as the center of his empire. So he'd maybe do 3 major campaigns and each time he'd return to Egypt, administrate for a bit, declare the founding of a few new Alexandrias, and go on campaign again.
To deal with the scenario, though, you could have Alexander's army be the one to hold him back if they mutiny earlier. On the eve of Gaugamela Darius is supposed to have offered to partition the empire with Alexander. Let's say Alexander's troops force him to accept the offer (this also butterflies Alexander's early death). The two centres of the empire would be the Hellenic cities around the Aegean and Egypt. With Anatolia and the Levant acting as buffers and connecting the empire by land. Alexander's rule would be fairly stable in Egypt, the local elites had tried to throw off Persian rule several times including with the help of the Greeks. Alexander was recognised as Pharaoh and generally did a good job appeasing the locals.
Beyond that, it's really a question of the wider implications of Alexander not going east. How long does the rump Persian empire survive? Do the Mauryan's still rise in India? Can the Macedonians keep their empire together? I suspect either the empire holds together and slowly solidifies its control of the Anatolian interior and Levant by planting cities there (named Alexandria of course), or it splits into multiple Diadochi, with power centres in Macedonia, Syria, and Egypt. In the end (barring some butterflies) the Romans still conquer them and dominate the Mediterranean though.
I think the Persian Empire would have to be fully defeated by Alexander or it would gather its forces to strike again effectively.
If Alexander conquered the whole Persian Empire but focused on Egypt, the eastern satrapies would basically gain autonomy if he's not in Babylon. Though it is not an immediate threat as there is quite some time until Chandragupta.
Pretty much every empire was people working hard to enrich the ruling caste and their homeland; not the ruling caste working hard to enrich another land that they are compelled into inhabiting. You may recall the less than awesome reaction to Alexander's desire to create a new mixed ruling class; this is worse and pretty insulting from a cultural chauvinistic standpoint.
People are accepting of going to Egypt if they cannot hold Persia and to have an exalted cultural status, but this is neither.
There are ways Alexander could sell the idea even to his Greece-centric allies. He has the resources of an empire to divert around. If the Macedonian army and aristocrats get financial or territorial incentives and Hellenistic urban centers, they'll be mostly happy. Also, there was more of a rivalry between Persians and Greeks than between Egyptians and Greeks. Egyptians weren't the ruling class of the rival empire, but subjects of a popular and developed region that had a significant Greek minority already, long before the mercenaries and wars.