As a Mexican, I'm particularly intrigued as to how the situation would have been if the telegram wasn't intercepted. Was the government likely to agree on such a deal? If so, what would have been the outcomes of it?

Because there is no answer to this question yet, and for my sanity, i need to point out that Japan was fighting against Germany in World War 1. And that the Zimmerman Telegram was sent in 1917.

I think maybe you confused your wars.