Well, I think the only shot they had was not fighting a two-front war. If they had found some way to do one at a time, such as doing the Soviets before France, Belgium, Holland etc, then they mighta had a shot.
I don't think they had that much of a choice, actually.
They were in a de jure war with France and Britain since the attack on Poland. And the only thing that did stop both of those from coming from the west and wiping the floor with Germany while it was busy in Poland, was the USSR's entering the war on the side of Germany. Neither of them wanted to risk entering a war against the Soviet bear too.
The instant Germany actually went to war with the USSR, removing that threat, it would have its two front war right there and then.
Even assuming ad absurdum that France wouldn't have attacked, the UK would have. They were pressuring France to start a proper attack as it was. And France was an immense foothold in Europe in that scenario.
Basically securing their western border _before_ going after Russia was IMHO actually pretty good thinking.
Additionally, France had already begun extending its Maginot line to cover the Belgian border too. And the Nazis seem to have actually feared that line. Much as nowadays it's derided, there was no direct attack against it. The German army simply bypassed it. But the window of opportunity to bypass it was closing. If you threw in a year or two of wrestling with Russia, the whole attack plan against it might have become obsolete.
Additionally, I don't think that Germany had the resources, industry or manpower to go after Russia yet.
E.g., in 1940, Germany had 189 divisions available, France had 105, the USSR had 200. You tell me which looks like a more manageable target, especially for a country still ironing out its tactics and all.
But let's look at the GDP in 1939, in millions of 1990 dollars:
USA: 862,995 (still in depression, would soon double!)
USSR: 430,314
Germany: 374,577
UK: 300,539
France: 200,840
But even those figures paint a slightly wrong picture, because (A) the USSR actually had more industrial capacity than you'd assume from those numbers, but it was cheaper stuff since it wasn't as high-tech, and (B) the USSR had disproportionately invested in the army all along, while Germany was still rearming from a pretty bad situation.
The assumption is usually the other way around, but the cruel reality is that Germany simply was no match for the USSR economy or army yet. Even later it took the destabilization of the Great Purge for Germany to really have a fighting chance there.
France, on the other hand, was the other way around: it was actually in an even worse shape than those numbers paint. A lot of its GDP there is raw materials from its colonies, while the industry was actually in a pretty bad shape in the wake of the Great Depression.
Picking off the weaker France first was pretty much a no-brainer.
But there's an even more perverse factor there. Under the treaty terms, the USSR was actually supplying resources to Germany until the day it got itself attacked, including food, rare metals and other stuff that nobody else traded with Germany. While Germany was busy mopping the floor with France, or building up before and after that, the USSR was supplying its industry.
That's something rather asymmetrical there. Germany couldn't flip that around. France wouldn't have traded it stuff while it's attacking the USSR first.