I agree that the Israelis would only use the bomb as a last resort - just don't see how they could do that and still keep their strip of land. Besides, if the issue is preventing Israel's enemies from getting their own nukes, and one of the primary reasons those enemies can cite for pursuing them is "Israel has them, so why can't we", then the best way to end the middle east arms race would be for israel to give up its nukes in exchange for a US promise to retaliate against any nuclear strike against them.
Perhaps Israel didn't trust the US as an ally in the 60's, but they have no other reliable friends now - so they better start trusting us.
If I was the Israelis, I would not trust the USA, even to the extent of pausing a meeting to go for a bathroom break. All too often the USA has let down its partners, and screwed them left, right and center.
Suppose Israel had the weapons (which so far, they have never claimed to have) and they gave them up. As Israel is a small country, comparable to Rode Island in size, would Israel exist by the time the USA reacted? I can just imagine the haggling in Congress as the months go by to decide if they should help Israel, and then under what conditions.
If Israel is going to disappear, Palestine, Lebanon, Syria, Jordan, and Iran, all of these ideologies will disappear, with their lands not habitable for generations. Masada on a larger scale.
Israel's message -- Leave me in peace, I leave you in peace. Hit me, I hit you back. Make money, not war, lets do business together.