I know they would hurt Iran greatly, but Iran wasn't involved in those wars, and Iran is much more powerful than those Arab countries. It would be a devastating stalemate, technology and training vs. manpower, and Israel could win, but they also could lose. Then it's Samson time.
With Iran offering bounties to those to attack Israel, Israel just may take it upon themselves to eliminate a big part of enemy. I do believe this that Israel is not afraid to use nuclear weapons to survive.