Quick clarification, it's usually referred to as the 1948 war, because that's when it started :).

Part of the problem here is that you're asking a "what if" question, which makes it difficult. At best, we can talk about their open intentions. I won't delve too deep into it, because there were a lot of different actors involved. Jordan, Egypt, Lebanon, and even Iraq had different motives for their actions, despite uniting behind one common cause: the removal of Israel. This lack of coordination and unity was, in part, why the Arab forces failed in 1948. But I digress; the question of what they planned to do as far as I can tell is found in the declaration they put when invading.

The Arab League Declaration of invasion goes into some detail as far as the goals of the Arab states. I'll analyze each point to explain some context as I go, and look only at the ones relating to your question!

First: That the rule of Palestine should revert to its inhabitants, in accordance with the provisions of the Covenant of the League of Nations and [the Charter] of the United Nations and that [the Palestinians] should alone have the right to determine their future.

The creation of a Palestinian state, or area which might be annexed by the Arab states to allow for "self determination" would likely be the intent. Most of the states, if memory serves, were happy to have Palestine be an independent state. There are some who claim Jordan wanted to annex the area, to sort of get ahold of the Palestine mandate that existed before Transjordan was split off from Palestine by the British prior to the war. This claim I've heard echoed by Smith and Karsh, and it seems very plausible that this was Jordan's goal, though not that of the greater Arab League.

Second: Security and order in Palestine have become disrupted. The Zionist aggression resulted in the exodus of more than a quarter of a million of its Arab inhabitants from their homes and in their taking refuge in the neighbouring Arab countries

This, and the paragraph below it, are essentially reinforcing it: the state is by the Arabs for the Arabs as far as security and sovereignty go. They view the Jews as the aggressors and perpetrators of war crimes.

Seventh: The Governments of the Arab States recognise that the independence of Palestine, which has so far been suppressed by the British Mandate, has become an accomplished fact for the lawful inhabitants of Palestine. They alone, by virtue of their absolute sovereignty, have the right to provide their country with laws and governmental institutions. They alone should exercise the attributes of their independence, through their own means and without any kind of foreign interference, immediately after peace, security, and the rule of law have been restored to the country.

At that time the intervention of the Arab states will cease, and the independent State of Palestine will co-operate with the [other member] States of the Arab League in order to bring peace, security and prosperity to this part of the world.

The Governments of the Arab States emphasise, on this occasion, what they have already declared before the London Conference and the United Nations, that the only solution of the Palestine problem is the establishment of a unitary Palestinian State, in accordance with democratic principles, whereby its inhabitants will enjoy complete equality before the law, [and whereby] minorities will be assured of all the guarantees recognised in democratic constitutional countries, and [whereby] the holy places will be preserved and the right of access thereto guaranteed.

Likely an attempt to reinforce that King Abdullah of Jordan cannot annex the area, no matter the intent, because they plan to create a state. Like Israel, they've chosen to establish the Palestinian state according to democratic principles, with protection for minorities. If this were to be followed, we can likely expect Jewish settlers who avoided the conflict and weren't attacked/expelled would be allowed to stay, much as Israel is today.

Now, in noting all of this, we can only note intentions. I could delve into the policies put into place during the war by some Arab states, the perceived discrimination/fears etc., but this is going too far into "What if" territory. Hopefully this elucidates the public intentions. To go into the private ones would mean to analyze the conflicting interests and try to say "What if this one won" or "What if this group had the most influence post-war", which I cannot do and will not do (I don't like revising history), sorry!

Sources:

Reich, Bernard. A Brief History of Israel. New York, NY: Facts On File/Checkmark, 2008. Print.

Karsh, Efraim. The Arab-Israeli Conflict: The Palestine War 1948. Oxford: Osprey, 2002. Print.

Smith, Charles D. Palestine and the Arab-Israeli Conflict. New York: St. Martin's, 1988. Print.