the alliance is already pretty consolidated. I think putin sees a NATO ukraine as more dangerous imho - esp. if ukraine becomes more and more democratic.
The invasion would be successful if the west does not deploy troops and intervene. I say the west has already failed, and this sets a precedent to which china would follow.
And if the west waits for too long, the military edge that the west has would diminish. Unfortunately, the public is reluctant to commit to war, because in the minds of those who are used to peace, diplomatic solutions seems to be the only cost they're willing to pay.
I agree that there are difficulties in developing arms in peace times, war can be a driver of innovation. But it is not the only one and there are preferable alternatives, even if arms suppliers see that differently out of egoistic ambitions.
A civilian population rejecting involvement in arms manufacture is preferable to one that calls for a war.