No, it would be horrible for Israel, and in fact Palestinians I very much doubt would actually be favorable towards the idea- maybe hard to understand but not everyone in Israel is Zionistic, especially not in the hateful way you refer. There are a lot of people who live here who do so simply because they like to, not because of some political motivation. And a joint state would mean more unhappiness simply because some values and issues of importance on how to run the country would be so vastly different. It would just mean more unrest. It's unlikely anyone with such Different standard beliefs would say: ya sure we'll share, and do so happily, if there's any possibility o having a state they could run themselves.
Gunmen kill 1, wound 13 at Sri Lanka election campaign (AP)
from the article: Netanyahu: Binational state would be disastrous for Israel