I think a fascist France in the 1930s is certainly possible, even with the same World War I result, but its difficult to see how they get there. IOTL, there was a fascist French regime in the 1940s, but they needed the 1940 campaign to get there.
There seems to be a consensus that Fascist France would never co-operate with Nazi Germany. Again, in the early 1940s, there was an OTL fascist French regime, and they did co-operate with Nazi Germany. There were also no good strategic reasons for Japan and Romania to ally with Germany, and many arguments against it, and they both did. Strategically, Mussolini should have maintained neutrality, and again he enters the war to support the other fascist powers.
If France goes fascist in the later 1930s, as opposed to the early 1930s, the Versailles restrictions are even moot.
I can see France in this scenario joining the anti-Cominterm alliance, along with Italy, and pulling Romania and Poland into the anti-cominterm alliance with them. They sign a treaty with Germany waiving the remaining reparations claims and claims to the Saar in return for preferential access by French companies to the Saar and Germany renouncing any claims to Alsace-Lorraine. Its actually harder to reconcile German and Polish interests, and Hitler OTL tried to do this anyway. ITTL, France pulls the Little Entente, except the Czechs, into the anti-cominterm pact.
With France as an active ally, Hitler can attack Russia first. French military participation in a war with Russia is limited to an expeditionary force, like the Blue division or the Italian 8th Army, so they have effectively gained some prestige and removed the possibility of German attack for a limited cost. They also carve up Czechoslovakia beforehand, and since Chamberlain isn't getting French support ITTL and knows this, he doesn't fly to Bavaria and get involved diplomatically.
This could be a good alternative timeline. The USSR is pretty hosed in this scenario. The Finnish war hasn't uncovered the weaknesses of the Red Army, so they haven't been rectified yet. OTOH, the late 1930s German army was still fairly weak (they got really lucky in 1940), so Russia is facing the German, Polish, and Romanian armies, with token contributions from the French, Italians, and Poles, and maybe Japan.
The UK will be neutral, but the extent they should be sending aid to the USSR will be an issue in the 1940 general election, even more than their actions in the Spanish Civil War. Churchill will be in a complicated political position. FDR will want to do a version of lend lease to the USSR, but he faces more difficulty than in getting lend lease through to the UK, and greater opposition to a third term.