Yeah, although I think it'd be a better move for the U.S. to design and produce a new tank (fuel efficient, lighter, better crew protection and 2 versions one for AT and one for inf. support).
Israel could use the M1A1 in a more timely manner since everyman and his neighbor is only next door.
If need be, Israel can put the M1 tanks in reserve while using the Merkavas' more actively. When the next big war breaks out, out come the M1s' too. THEN we'll see how the M1 really performs in combat vs enemy armor.
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Science is the organized unpredictability that strives not to set limits to mans' capabilities, but is the engine by which the limits of mans' understanding is defined-Yahoshua
  
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