Completely disagree as will most of the world, buddy. Iran obtaining a nuke would not balance power, but cause a greater instability. We WILL see a nuclear arms race, Saudi Arabia is not going to sit by and watch Shia Iran hold the most powerful weapon in the region. Iran have nothing to fear from Israel because a successful Israeli strike is impossible without U.S or another Arab country's direct aide. While U.S leaves "all options open" the chances of an air strike is still pretty low.
The only way for Iran to build one without U.S and others knowing is if they expel the IAEA inspectors completely and start locking their doors to transparency. This would DEFINATELY increase the liklihood of an air strike and probably even a fast raid from U.S. Indeed, trying to obtain a nuke would be counter-productive for Iran. It will only increase their chances of being attacked and increase instability.
I don't see how you see Israel as the region's bully boy. To be a bully boy of the region they would need to be able to influence other Arab nations against their will. This does not happen, Israel have no true influence beyond Israel, Palestine, and U.S.
When was the last time Israel threatened to attack Egypt, Syria, Jordan, and others? When is the last time Israel forced either of these countries in the region to do it's bidding?
Also I don't see what Pakistan and India have to do with a war with Iran, besides oil. No, Israel fully recognize their capabilities and know that a successful strike by themselves is very against them. Listen to too much rhetoric and you will believe the world was going into WW3.